GBP/JPY is trying to approach short-term resistance at 153.86. A break above the indicated level will finally confirm that red wave iii is in motion to 156.06 and the long-term target for wave iii at 160.52. As long as resistance at 153.86 is able to cap the upside, the possibility for a final dip to support at 148.46 looks unlikely. We are looking for a break above 153.86 soon for a continuation higher to 156.06 and above.
