GBP/JPY failed to build on its temporary breakout above resistance at 140.51 which is disappointing. The breakout below support at 139.63 indicates the renewed downside pressure and a possible decline to the 61.8% corrective target at 137.53 before the wave 2 finally completes.
At this point, only a direct breakout above minor resistance at 140.32 will indicate the wave 2 being complete, while a breakout above resistance at 141.13 will confirm that the wave 3 is taking over for a rally towards 151.50.
Our stop at 139.60 has been hit for a 20 pip loss. We will look for a new buying opportunity at 137.75 or upon a breakout above 140.32
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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