GBP/JPY has traded sideways in a narrow range the last 24 hours. The range-trading between 132.80 - 134.92 will likely be resolved in a final spike higher to just above 134.73 to complete the corrective rally in wave iv and set the stage for the final decline in wave v towards 123.04.
That said, a break below support at 132.67 will indicate that wave iv already has peaked and wave v i developing, while a break below support at 132.10 will confirm wave v being in motion.
R3: 135.50
R2: 135.05
R1: 134.73
Pivot: 134.30
S1: 133.45
S2: 132.67
S3: 132.10
Trading recommendation:
We sold GBP at 134.45 with our stop placed at 135.45
