GBP/JPY spiked to a high of 143.97 before turning towards the downside again. We will look for a break below minor support at 143.19 and more importantly below support at 142.82 as confirmation that the final decline into target-zone between 139.29 - 139.83 is unfolding. Only an unexpected break above 143.97 will keep the correction from 142.77 alive, but resistance at 144.53 should not be broken under this scenario.
R3: 144.53
R2: 143.97
R1: 143.67
Pivot: 143.40
S1: 143.09
S2: 142.82
S3: 142.65
Trading recommendation:
We sold GBP at 143.65 and has placed our stop at 144.60.
