GBP/JPY pushed higher as expected but fell short of the ideal target by just 15 pips, but all requirements have been fulfilled and a correction in blue wave iv could start anytime now. A break below minor support at 139.48 and more importantly a break below support at 139.09 will confirm that blue wave iii has been completed and blue wave iv is in motion for a dip at least to 138.39 and likely even closer to 137.81 before the next impulsive wave higher occurs.
R3: 141.56
R2: 141.00
R1: 140.35
Pivot: 139.92
S1: 139.48
S2: 139.09
S3: 138.80
Trading recommendation:
We are long GBP from 135.44 and we will take profit at 140.25 or upon a break below 139.45.
