GBP/JPY tested the key-resistance at 133.19 but failed to break above in the first attempt, but after a minor correction a second and more successful attempt should be seen. A break above key-resistance at 133.19 will shift the currently alternate count to the preferred count and this outcome looks possible.
In the short-term, support is seen at 131.97 and ideally this support will be able to protect the downside for the next attack on key-resistance at 133.19. A break above here will call for a continuation higher to 135.38 on the way back to 145.95.
R3: 133.59
R2: 133.19
R1: 132.40
Pivot: 131.97
S1: 131.56
S2: 131.20
S3: 130.65
Trading recommendation:
We bought GBP at 131.95 and has placed our stop at 130.65
