GBP/JPY has followed the expected path lower through support at 142.94. This adds renewed downside pressure towards 140.80and towards support in the 139.29 - 139.83 target-zone.
In the short term, we could see a minor correction to retest the former support at 142.94 which is now acting as resistance before renewed downside pressure towards 140.80 and the way lower.
R3: 143.53
R2: 143.20
R1: 142.94
Pivot: 142.56
S1: 142.19
S2: 141.61
S3: 141.08
Trading recommendation:
We are short GBP from 143.95 and we have moved our stop lower to 144.45.
