GBP/JPY continues to move closer to the 61.8% corrective target at 137.53 which is expected to make a low for the wave 2 and set the stage for the next impulsive rally in the wave 3 to above the peak of March 14 at 148.87.
At this point, a direct breakout above minor resistance at 140.00 and, more importantly, a breakout above 141.74 will confirm that the wave 2 has completed and the wave 3 is developing.
We will buy GBP at 137.75 or upon a breakout above 140.00.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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