GBP/JPY is now testing the expected support near 150.09. We expect this support will be able to protect the downside for a new impulsive rally higher towards 156.00 as the next upside target in blue wave v. The potential in blue wave v stretches' all the way to 159.61.
Short-term a break above minor resistance at 150.61 will indicate blue wave iv has completed and blue wave v higher is in motion.
R3: 152.50
R2: 151.81
R2: 150.97
Pivot: 150.61
S1: 150.09
S2: 149.54
S3: 149.03
Trading recommendation:
We bought GBP at 150.10 and we have placed our stop at 149.10
