GBP/JPY found support at 142.38 but should continue to be capped by resistance at 143.50 for renewed downside pressure through support at 143.50 for a decline to 140.81 on the way to the ideal target at 137.57.
A break above 143.50 will be of concern and indicate that wave iv has completed prematurely with the test of 140.81 and that wave v to at least 149.00 is developing.
We are short GBP from 143.03 with our stop placed at 143.50. We will also buy GBP if 143.60 is broken.
The material has been provided by InstaForex Company – www.instaforex.com