GBP/JPY has unfolded just as we expected. The triangle in red wave iv has been completed with the break above minor resistance at 140.59. Now we are looking for the red wave v to go higher towards 144.58.
This rally will complete red wave v, while wave iii is likely to be followed by another corrective decline 140.34 before the next impulsive rally. For now, we keep our focus on the 144.58 target. The support level is 140.25.
R3: 142.52
R2: 142.07
R1: 141.37
Pivot: 140.82
S1: 140.43
S2: 140.32
S3: 140.16
Trading recommendation:
WE are long GBP from 140.12 and we will move our stop higher to 139.30. If you are not long GBP yet, then buy near 140.25 and use the same stop at 139.30.