GBP/JPY has rallied nice of the 140.63 low and will ideally stay above minor support at 142.22 for a continuation higher to 143.94 and 146.10 as the next hurdles on the way towards the 161.8% extension target of wave i at 151.90.
Key support has now move higher to 141.65 which should protect the downside at any time.
R3: 146.10
R2: 145.00
R1: 143.94
Pivot: 143.56
S1: 142.94
S2: 142.37
S3: 142.04
Trading recommendation:
We are long GBP from 140.90 and we will raise our stop to 141.50.
