GBP/JPY broke below short-term key-support at 136.26 indicating that red wave ii is in motion. This call for a dip to at least 135.37 and likely even lower to 135.18 before red wave 2 finally comes to its end and a new impulsive rally can take hold.
The former support now acts as resistance at 136.26 for the dip to 135.37 and maybe even lower.
Our stop+revers was hit at 136.20 for a nice little 65 pip profit. We have placed our new stop at 136.70 and we will take 50% profit at 135.45.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.