GBP/JPY broke below minor support at 151.25 Friday indicating that blue wave v/ and blue wave iii had peaked and blue wave iv is in motion. We will be looking for a corrective decline to at least 150.72, but it could extend lower towards the bottom of blue wave iv/ at 147.54, but for now look for at dip to 150.72 and let’s see what the charts show at that point.
Resistance is now seen at 152.36 and the at 152.54.
Our stop at 151.25 was hit for a nice 200 pip profit. We will look for a new buying opportunity