GBP/JPY rallied into the expected resistance near 141.36 to complete red wave iii. It is now developing red wave iv/. The ideal target for red wave iv/ is seen at 138.34 from where red wave v/ towards at least 142.09 and ideally closer to resistance in the 143.21 - 144.38 area should be seen. As red wave ii/ was a simple zig-zag correction, we should expect a more complex correction in red wave iv/ in form of a flat or maybe a triangle consolidation.
We will buy GBP again at 138.50The material has been provided by InstaForex Company - www.instaforex.com