GBP/JPY is following our expectations extending a climb. In the short term, we expect support in the 134.62 - 134.75 area to protect the downside for a clear break above 135.09 for a strong run higher to 136.06 and above here finally confirms that wave 2 has completed and wave 3 to above 148.87 is developing.
Only an unexpected break below support at 134.22 will challenge our bullish outlook.
R3: 136.28
R2: 135.50
R1: 135.28
Pivot: 135.09
S1: 134.75
S2: 134.62
S3: 134.42
Trading recommendation:
We are long GBP from 134.85 and we have place a stop at 134.20
