GBP/JPY is now close to our corrective target at 150.09 from where we expect a bottom for renewed strength to above the former peak at 152.24. This should complete blue wave v and red wave iii/ and set the stage for another corrective decline to just above 150.09 for the next rally higher.
I the weeks ahead we will see a series of new higher highs followed by temporary corrections that also will see higher lows until GBP/JPY is close to 156.00 where a more substantial top is expected.
R3: 151.44
R2: 151.19
R1: 150.82
Pivot: 150.57
S1: 150.18
S2: 150.08
S3: 149.90
Trading recommendation:
We will buy GBP at 150.10 or upon a break above 151.70.
