GBP/JPY only staged a minor dip to 142.12 before starting a new rally above 142.75 towards important resistance at 143.38. Once this resistance breaks, there is no more doubt that wave iv completed prematurely at 140.80 and wave v higher towards at least 149.11 is in progress.
Support is now seen at 142.75 and again at 142.42. Ideally the later will protect the downside or a new dip to 142.12 should be expected before a new attack on important resistance at 143.38 is launched.
R3: 144.12
R2: 143.67
R1: 143.38
Pivot: 143.12
S1: 142.87
S2: 142.51
S3: 142.12
Trading recommendation:
We bought GBP at 142.76 and have placed our stop at 141.20 but expects to raise it soon
