As expected, GBP/JPY stayed well above short-term key support at 138.87 for another run towards short-term key resistance at 140.55. This resistance will likely protect the upside for another minor dip close to 139.54 before actually taking off through short-term key resistance at 140.55 towards 144.58 and much higher in the longer term.
Keep an eye on the short-term key resistance at 140.55 as it is the line in the sand between the next impulsive rally higher or more sideways correction.
R3: 141.50
R2: 141.00
R1: 140.74
Pivot: 140.55
S1: 140.12
S2: 139.85
S3: 139.54
Trading recommendation:
We are long GBP from 140.12 with our stop placed at 138.75. If you are not long GBP yet, then buy a break above 140.55 and keep you stop at 139.40
