GBP/JPY has turned lower from resistance at 135.40 and all that's needed to confirm wave iv/ has completed and the final decline in wave v/ is in motion is a break below support at 133.69. As long as short-term key support at 133.69 is able to protect the downside, there remains a possibility that GBP/JPY will surpass resistance at 135.40 for a continuation towards 137.15, but at this point in time, we regard this option a very low possibility option and will be looking for a break below 133.69 for a new impulsive decline in wave v/ to below 123.99.
R3: 136.36
R2: 135.40
S1: 135.02
Pivot: 133.69
S1: 132.97
S2: 132.41
S3: 131.41
Trading recommendation:
We sold GBP at 134.35 and we have placed our stop at 135.50
