GBP/JPY is currently correcting in wave iv/. This correction is expected to decline to the 23.8% corrective target at 150.10 as a minimum, but a deeper correction closer to the 38.2% corrective target at 146.84 can't be excluded.
Short-term we are looking for a break below minor support at 154.58 for the next push lower towards the 150.10 target. As the correction in wave iv/ is expected to be a complex correction, we should expect the unexpected from this correction all the time.
Trading recommendation:
As wave iv/ is expected to be a complex correction, we recommend not trading the correction and wait to buy GBP near 150.10.
The material has been provided by InstaForex Company - www.instaforex.com