GBP/JPY is trying to find the bottom of the red wave iv/. All requirements for the correction from 142.72 have been met. So, it should just be a matter of time before the bottom is in place and a new impulsive rally is in motion. The first indication of a bottom being in place is a break above minor resistance at 136.59 while a break above resistance at 138.38 confirms the low of red wave iv/ and that red wave v/ is in motion.
R3: 137.47
R2: 136.59
R1: 136.14
Pivot: 135.75
S1: 135.42
S2: 134.94
S3: 134.80
Trading recommendation:
We bougth GBP again at 135.55 and we have placed our stop at 135.00.
