The Brexit deadlock and general low volatility in the FX market keeps GBP/JPY locked in a narrow range. We continue to look for a break above resistance at 145.75 and more importantly a break above 146.55 that confirms more upside pressure towards 148.50 and 151.50.
Only an unexpected break below 144.93 will call for more downside pressure before higher again.
R3: 148.00
R2: 147.50
R1: 147.00
Pivot: 146.26
S1: 145.57
S2: 145.39
S3: 144.90
Trading recommendation:
We are long GBP from 146.51 with our stop placed at 144.80
