GBP/JPY has declined nicely from the corrective peak at 143.30 and more downside pressure remains expected towards at least 139.25 and ideally closer to the 50% corrective target at 137.31. Short-term minor resistance at 142.64 ideally will be able to cap the upside for renewed downside pressure through 141.10 towards the 139.25 support.
Only an unexpected break above key-resistance at 143.30 will question our count and indicate a possible premature low being in place at 140.81 and a new impulsive rally having started already in wave v.
R3: 143.64
R2: 143.30
R1: 142.64
Pivot: 142.40
S1: 142.00
S2: 141.55
S3: 141.10
Trading recommendation:
We are short GBP from 142.50 and we will lower our stop to 143.35.
