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GBP/JPY is expected to dip to the ideal target-zone between 139.26 - 139.82 to complete the ongoing correction in wave iv. In the short-term, we could see a minor pop close to the 141.84 - 142.12 resistance-area before turning lower again towards the expected target-area between 139.26 - 139.82.
It will take an unexpected break above resistance at 143.30 to indicate the completion of wave iv.
R3: 142.39
R2: 142.12
R1: 141.84
Pivot: 141.53
S1: 141.24
S2: 140.95
S3: 140.54
Trading recommendation:
We are short GBP from 143.95 and we will move our stop lower to 143.35.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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