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GBP/JPY is testing the next minor upside target near 150.28 which we expect will be able to cap the upside temporarily for a correction into the support-area between 146.41 - 147.72 from where a new impulsive rally higher to 154.99 is expected.
Short-term we see minor support at 149.15 and a break below here, will indicate that blue wave iii/ has peaked and a correction/consolidation in blue wave iv/ is evolving.
R3: 152.70
R2: 151.87
R1: 150.64
Pivot: 150.28
S1: 149.79
S2: 149.15
S3: 148.84
Trading recommendation:
We are long GBP from 142.27 and we will raise our stop to 149.10.
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