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GBP/JPY is moving higher as expected towards the 155.46 target to complete wave iii/ and this should set the stage for a correction in wave iv/ close to the 149.05-150.10 target. This could happen before the price takes off again to eclipse the peak of wave iii/ towards 162.96 as the next long-term target.
The short-term support is seen at 153.43 and again at 153.09. Ideally the later one will be able to act as a floor for the expected rally towards 155.46.
Trading recommendation:
Take profit is near 155.46 or upon a break below 153.09.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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