GBP/JPY has declined nicely from the corrective peak at 143.30 and more downside pressure remains expected towards at least 139.25 and ideally closer to the 50% corrective target at 137.31. Short-term minor resistance at 142.64 ideally will be able to cap the upside for renewed downside pressure through 141.10 towards the 139.25 support.
Only an unexpected break above key-resistance at 143.30 will question our count and indicate a possible premature low being in place at 140.81 and a new impulsive rally having started already in wave v.
We are short GBP from 142.50 and we will lower our stop to 143.35.
The material has been provided by InstaForex Company – www.instaforex.com