GBP/JPY continues to move higher in wave iv towards our ideal target set at 134.52. That said, we do see a clear loss of upside momentum, which could indicate difficulties reaching this target, but only a break below support at 131.00 will indicate that wave iv already has completed and wave v towards 123.04 is developing.
Once the 123.04 target has been reached a new impulsive rally will be expected.
R3: 134.52
R2: 134.00
R1: 133.45
Pivot: 132.59
S1: 132.10
S2: 131.00
S3: 129.81
Trading recommendation:
We continue to look for a GBP selling opportunity at 134.45 or upon a break below 131.00
