GBP/JPY seems to have completed blue wave iii/ at 147.57 or just above the 50% target at 147.27 and we are looking for a correction in blue wave iv/ towards 145.12 and maybe slightly lower before the next push higher towards the 150.27 as the next minor upside target.
Ultimately we are looking for much higher levels with the next major upside target seen close to the 2018 peak at 156.61.
R3: 148.87
R2: 148.23
R1: 147.91
Pivot: 147.57
S1: 147.28
S2: 146.66
S3: 146.36
Trading recommendation:
We are 50% long GBP from 142.27 and we have our stop placed at 146.30. If our stop is triggered, we will re-buy GBP at 145.12
