GBP/JPY remains locked below short-term important resistance at 129.31 which is the divider between a bottom likely being in place or more downside to come.
Time is running out for GBP/JPY to break above the pivot-point at 129.31 adding confidence in a low being in place at 126.54 for a rally towards 132.70 and above. If GBP/JPY failes to stay above minor support at 127.49 that will call for renewed downside pressure and a final dip below 126.54 to complete the long-term decline from 148.88
R3: 130.11
R2: 129.65
R1: 129.31
Pivot: 128.12
S1: 127.80
S2: 127.44
S3: 127.05
Trading recommendation:
We remain long GBP from 127.80 with our stop placed at 126.70
R1:
