GBP/JPY has extended the correction from 140.81 a bit higher, than first expected, but it does not alter our view, that more downside pressure towards support in the 137.31/137.57 should be seen before the correction in wave iv is complete and the final rally to above 147.85 should take hold.
Short-term a break below minor support at 142.53 will indicate that the correction has come to an end and the next part of the expected decline into the support zone between 137.31/137.51 is developing.
R3: 143.92
R2: 143.49
R1: 142.95
Pivot: 142.53
S1: 142.16
S2: 141.59
S3: 141.15
Trading recommendation:
We sold GBP at 142.50 and have placed our stop at 143.50.
