GBP/JPY should continue rising to resistance at 140.35 to complete blue wave iii and set a stage for a temporary correction towards 137.74 before entering a new impulsive rally higher towards 144.29 on the way towards 148.32.
Support is currently seen at 138.34 and again at 137.74.
R3: 140.35
R2: 139.80
R1: 139.20
Pivot: 138.75
S1: 138.34
S2: 137.74
S3: 137.14
Trading recommendation:
We are long on GBP from 135.48 and we will move our stop slightly higher to 137.00. We will take 50% profit on our long position at 140.25.
