GBP/JPY dipped just below our target zone between 135.78 – 136.04 (the low was seen at 135.66) before GBP/JPY rallied strongly through minor resistance at 136.54 to confirm the completion of red wave ii and the onset of red wave iii towards 143.93.
Short-term, we could see a re-test of the former resistance at 136.54 now acting as support before the next push higher towards 137.87 and 138.31 as the next minor hurdles to overcome.
We are long GBP from 135.71 and we will move our stop up from 135.00 to 135.60.
The material has been provided by InstaForex Company – www.instaforex.com
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