GBP/JPY is ready to test short-term important resistance at 145.02 and a breakout above here will confirm that the wave 2 is completed and the wave 3 towards 148.87 and above is developing.
If there is a breakout above 145.02, GBP/JPY will face another strong resistance near 146.00 which needs to be overcome to confirm that the wave 3 is indeed developing. If the resistance near 146.00 caps the upside, the risk of an alternate scenario will remain high, but we will consider it later.
R3: 145.45
R2: 145.05
R1: 144.74
Pivot: 144.40
S1: 143.98
S2: 143.82
S3: 143.69
Trading recommendation:
We are long GBP from 144.00 and we will move our stop higher to break-even at 144.00.
