GBP/JPY peaked in red wave iii/ at 142.72 and the expected correction in red wave iv/ towards 138.33 is now unfolding. The break below minor support at 141.30 was the catalyst we need to declare red wave iii/ for complete and red wave iv/ in motion.
We expect minor resistance at 141.89 now will act like a cap for further downside progress in the days to come towards the ideal target near 138.33.
R3: 142.72
R2: 142.20
R1: 141.89
Pivot: 141.64
S1: 141.23
S2: 140.99
S3: 140.69
Trading recommendation:
We will re-buy GBP near 138.33.
