GBP/JPY is heading for the 127.93 target. We expect a bottom to form here and set the stage for a new impulsive rally that will take us much higher in the longer term. The first strong indication of a bottom being in place is a break above minor resistance at 130.23, while a break above resistance at 133.00 will be need to confirm that a long-term bottom is in place and a new impulsive rally is developing.
R3: 130.42
R2: 129.92
R1: 129.63
Pivot: 129.36
S1: 128.58
S2: 128.25
S3: 127.93
Trading recommendation:
We are looking for a buying opportunity at 128.05 or upon a break above 130.23
