The GBP/JPY pair is correcting upwards to 38.2% and the corrective target at 132.06. We expect more sideways price-movement and maybe rise to the 50% corrective target at 134.52 before the final dip to 123.04.
The coronavirus will continue to cause volatile swings in the financial markets. We should not be surprised to see larger declines followed by larger and quicker than normal correction until the virus is under control.
R3: 132.04
R2: 130.45
R1: 129.30
Pivot: 128.46
S1: 127.89
S2: 126.42
S3: 125.01
Trading recommendation:
We will look for a possible GBP sell opportunity at 134.45
