Our patience was finally rewarded as GBP/JPY broke below key-support at 133.69 confirming that wave iv has completed and wave v is in motion for a decline to below 123.99 to complete the long-term decline from 147.96 and even the 156.61 high.
The next support to look for is seen at 132.48 which could prove just as stubborn a support as 133.69 proved itself to be, but ultimately this support should be broken too.
Resistance is now seen at 133.69 and again at 134.49
R3: 135.05
R2: 134.49
R1: 134.05
Pivot: 133.69
S1: 133.00
S2: 132.48
S3: 131.86
Trading recommendation:
We are short GBP from 134.35 and we will lower our stop to 135.00
