GBP/JPY failed to break above short-term key resistance at 140.35 for a continuation higher to 142.72. The failed attempt to break above the key-resistance continues to GBP/JPY in a 136.95 - 140.35 range. Ultimately we expect a break above key-resistance at 140.35 but with the potential risk of a hard Brexit has increased the risk of a break below support at 136.95 that will revers the uptrend to renewed downside pressure towards 133.02 and possibly even closer to 128.70 in the weeks ahead.
R3: 140.35
R2: 139.59
R1: 139.05
Pivot: 138.77
S1: 138.29
S2: 137.69
S3: 136.95
Trading recommendation:
We will sell a break below 136.95 or buy a break above 140.35
