GBP/JPY broke below minor support at 151.25 Friday indicating that blue wave v/ and blue wave iii had peaked and blue wave iv is in motion. We will be looking for a corrective decline to at least 150.72, but it could extend lower towards the bottom of blue wave iv/ at 147.54, but for now look for at dip to 150.72 and let's see what the charts show at that point.
Resistance is now seen at 152.36 and the at 152.54.
R3: 152.75
R2: 152.54
R1: 152.14
Pivot: 151.82
S1: 151.68
S2: 151.34
S3: 151.00
Trading recommendation:
Our stop at 151.25 was hit for a nice 200 pip profit. We will look for a new buying opportunity
The material has been provided by InstaForex Company - www.instaforex.com