GBP/JPY has tested short-term key support at 133.69 a couple of time without being able to break below. We still favor a break being seen near term for confirmation that wave iv has completed and wave v to below 123.99 is in motion. That said, the risk for one more pop towards 137.15 remains in place as long as key support at 133.69 hasn't been broken.
R3: 136.36
R2: 135.40
R1: 135.02
Pivot: 133.69
S1: 132.97
S2: 132.41
S3: 131.41
Trading recommendation:
We are short GBP from 134.35 with our stop placed at 135.50
