The GBP/JPY pair has rallied as expected and broken through the corrective downtrend line from 141.57. In the short-term, we could see a minor set-back close to 139.75 before the next rally higher through resistance at 140.73. A break should accelerate the rally towards 143.19 and 144.58.
The support level is see at 140.03 and strong support at 139.75.
R3: 141.58
R2: 141.10
R1: 140.73
Pivot: 140.51
S1: 140.03
S2: 139.75
S3: 139.47
Trading recommendation:
We are long GBP from 140.12 with our stop placed at 139.30.
