GBP/JPY seems to be working on its final dip towards our target at 134.50 from where a new impulsive rally is expected. This next rally should ultimately rally back above the 148.87 peak.
Short-term minor resistance is seen at 135.82, which is expected to cap the upside for a break below 135.36 and 135.15 for the dip to 134.50 to complete wave 2 and set the stage for wave 3 higher.
Only an unexpected break above resistance at 136.75 will indicate that wave 2 already has completed and wave 3 is in motion.
R3: 137.24
R2: 136.75
R1: 136.30
Pivot: 135.82
S1: 135.36
S2: 135.15
S3: 134.50
Trading recommendation:
We are looking to buy GBP at 134.65.
The material has been provided by InstaForex Company - www.instaforex.com