GBP/JPY broke below short-term key-support at 136.26 indicating that red wave ii is in motion. This call for a dip to at least 135.37 and likely even lower to 135.18 before red wave 2 finally comes to its end and a new impulsive rally can take hold.
The former support now acts as resistance at 136.26 for the dip to 135.37 and maybe even lower.
Our stop+revers was hit at 136.20 for a nice little 65 pip profit. We have placed our new stop at 136.70 and we will take 50% profit at 135.45.The material has been provided by InstaForex Company - www.instaforex.com