GBP/JPY could peak anytime now for a correction towards 138.34 in red wave iv/. A break below minor support at 141.30 will indicate that GBP/JPY has peaked and the expected correction in red wave iv/ is ongoing for a dip to 138.34 before red wave v/ moves higher to complete red wave iii in the 143.43 - 144.63 area and set the stage for a sideways consolidation in red wave iv.
However, for now, we are looking for a break below 141.30 to confirm that red wave iii/ has peaked and red wave iv/ is ongoing.
R3: 142.60
R2: 142.30
R1: 142.04
Pivot: 141.30
S1: 140.87
S2: 140.59
S3: 140.32
Trading recommendation:
We will buy GBP again at 138.50
