GBP/JPY seems to be working on its final dip towards our target at 134.50 from where a new impulsive rally is expected. This next rally should ultimately rally back above the 148.87 peak. Short-term minor resistance is seen at 135.82, which is expected to cap the upside for a break below 135.36 and 135.15 for the dip to 134.50 to complete wave 2 and set the stage for wave 3 higher. Only an unexpected break above resistance at 136.75 will indicate that wave 2 already has completed and wave 3 is in motion.
We are looking to buy GBP at 134.65.