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GBP/JPY is becoming tricky as more alternate counts now is possible. The rally to 144.53 could be the completion of an time-extended b-wave correction and if this is the case, then more downside progress should be expected towards 139.25.
It could be wave i of a new impulsive rally (less likely at this point). If this count is to return to top-priority, then we need for GBP/JPY to break back above resistance at 144.53.
R3: 144.53
R2: 143.91
R2: 143.71
Pivot: 143.36
S1: 143.09
S2: 142.90
S3: 142.65
Trading recommendation:
Our stop at 143.20 was hit for a small loss of 40 pips. We will sell GBP at 143.65 with at 144.60 stop.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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