Key support at 137.59 remains intact, but GBP/JPY looks like it has lost the upside momentum for now and a correction in wave ii is developing. Under this count, we should see resistance at 140.88 hold firm for a break below key support at 137.59 for a decline into the corrective target-area between 134.04 – 135.17 before the next impulsive rally will be ready to take over.
Be aware of today's Brexit vote in the UK Parliament, as the swings could be larger than normal.
R3: 141.47
R2: 140.88
R1: 140.43
Pivot: 139.76
S1: 139.52
S2: 139.14
S3: 138.55
Trading recommendation:
We are looking for a buying opportunity in the 134.04 - 135.07 area
The material has been provided by InstaForex Company - www.instaforex.com