GBP/JPY is testing short-term important resistance at 137.13 and a clear break above here will confirm that the correction in wave 2 did complete at 135.35 and wave 3 now is developing for an ultimate break above the 148.87 peak.
We also need to stress the importance of the possibility that resistance at 137.13 holds firm, for a break back below 135.75, that will call for a continuation closer to 134.50. So, wait for a final dip closer to 134.50 or a clear break above 137.13 before buying GBP.
R3: 138.26
R2: 137.79
R1: 137.44
Pivot: 137.18
S1: 136.83
S2: 136.54
S3: 136.31
Trading recommendation:
WE are looking to buy GBP at 134.65 or upon a break above 137.13.
The material has been provided by InstaForex Company - www.instaforex.com