The GBP/JPY follows equities and currently we see the break of 1-3 trend line which might target 139.15 initially. The wave is strict which means that point 4 is between point 1 and 3. If profit taking on GBP continues, the pair might drop 138.78 – intraday target and 138.45 Daily L4 support. Full projection aims at 137.00 but for that to happen, the GBP/JPY will need a stronger support from Yen (particularly Nikkei and EU/US equities).
D L3 – Daily Camarilla Pivot (Daily Support)
POC – Point Of Confluence (The zone where we expect price to react – aka entry zone)
W L3 – Weekly L3 Camarilla (Strong Weekly Support)
W L4- Weekly L4 Camarilla ( Very Strong Weekly Support)
