GBP/JPY is trying to build the bottom. However, a break above minor resistance at 128.32 and more importantly a break above resistance at 130.06 will confirm that a long-term low is in place and a new impulsive rally is likely to happen.
As long as minor resistance at 128 32 is able to cap the upside a little more downside pressure closer to the support in the 126.19 - 126.31 can not be excluded.
R3: 128.32
R2: 127.73
R1: 127.30
Pivot: 127.04
S1: 126.52
S2: 126.31
S3: 126.19
Trading recommendation:
We will buy EUR at 126.40 with a stop at 126.00 or upon a break above 127.87.
