GBP/JPY is currently consolidating before the next push higher towards minor resistance near 140.32 and a break above here will call for a continuation higher to the former peak at 142.72.
Short-term we see support in the 138.65 - 138.72 area which is expect to act as a floor for the next push higher thorugh minor resistance at 139.84 and 140.32.
R3: 140.32
R2: 139.84
R1: 139.29
Pivot: 139.10
S1: 138.91
S2: 138.72
S3: 138.65
Trading recommendation:
We are 50% long from 137.95 and we have our stop placed at break-even. We will re-buy 50% GBP at 138.75 or upon a break above 139.29.
