GBP/JPY is expected to dip to the ideal target-zone between 139.26 – 139.82 to complete the ongoing correction in wave iv. In the short-term, we could see a minor pop close to the 141.84 – 142.12 resistance-area before turning lower again towards the expected target-area between 139.26 – 139.82.
It will take an unexpected break above resistance at 143.30 to indicate the completion of wave iv.
We are short GBP from 143.95 and we will move our stop lower to 143.35.
The material has been provided by InstaForex Company – www.instaforex.com