GBP/JPY had been trading within a narrow range for the last 24 hours. Trading between 134.48 - 135.50 could indicate that one more rally closer to 137.15 may be seen, but only if minor support at 134.38 keeps protecting the downside. A break below minor support at 134.38 will indicate that the corrective rally from 123.99 is completed and a final decline to below 123.99 should be expected.
R3: 137.15
R2: 136.36
R1: 135.41
Pivot: 134.35
S1: 133.67
S2: 132.97
S3: 132.41
Trading recommendation:
We will sell GBP at 136.95 or upon a break below 134.35
