After dipping to a low of 143.82, GBP/JPY seems to be ready to move higher again. In order to confirm that the wave 2 has completed and the wave 3 is developing, a breakout above minor resistance at 144.74 and, more importantly, a breakout above resistance at 145.05 are needed.
Support is now seen at 143.98 which will be able to protect the downside for a firm test of 144.74.
R3: 145.45
R2: 145.05
R1: 144.74
Pivot: 144.40
S1: 143.98
S2: 143.82
S3: 143.69
Trading recommendation:
We bought GBP at 144.00 and we placed our stop loss order at 143.50
