GBP/JPY has been accelerating higher without time for even the smallest correction, but we are getting close to the 161.8% extension target for wave iii/ at 150.79. This should ideally cap the upside for a correction in wave iv/ towards 146.64 and ideally closer to 144.04 before turning higher in wave v/ towards 154.99.
Longer-term we continue to look for more upside above the 2018 peak at 156.66.
R3: 150.79
R2: 150.45
R1: 150.12
Pivot: 149.70
S1: 149.28
S2: 148.60
S3: 148.29
Trading recommendation:
We are long 50% GBP from 142.27 and we will raise our stop higher to 147.75
