GBP/JPY made a new low at 128.57. It continues to decline in wave 2. The loss of downside momentum is now massive. It should be just a matter of time before minor resistance at 131.28 is broken indicating that wave 2 has completed and wave 3 is in motion.
To confirm that wave 3 is unfolding we need a break above resistance at 134.32. When this resistance is broken, we expect a quick rally to 137.01 or to 140.96. The pair could grow to 147.96.
We bought GBP at 129.00 and we placed our stop at 128.00
The material has been provided by InstaForex Company – www.instaforex.com