GBP/JPY has rallied nicely form support at 148.89 and should move slightly higher to test the former top at 152.55 from where a second decline closer to 148.89 should be expected to complete the correction in red wave iv/ and set the stage for a new impulsive rally in red wave v/ towards 153.88 and likely even closer to resistance at 156.60 before completing red wave v/ and red wave iii.
R3: 152.55
R2: 151.83
R1: 151.56
Pivot: 150.96
S1: 150.52
S2: 150.20
S3: 149.85
Trading recommendation:
We tool profit on longs from 148.78 and 150.00 for a nice profit of 122 pips and are looking for the possibility to short GBP again at 152.25