GBP/JPY dipped to a low of 139.53 and tested the 50% corrective target. We are looking for confirmation that the wave 2 has completed with the test of 139.53 and a new rally higher. A breakout above resistance at 140.69 will be a strong indication that the wave 3 higher to 151.50 is developing.
Short-term support is now seen at 139.98 and again at 139.77.
We have bought GBP at 139.80 and we will place our stop at 139.45.
The material has been provided by InstaForex Company – www.instaforex.com