GBP/JPY has jumped to new highs after the Brexit deal finally was agreed in late December. This has paved the way for GBP/JPY to continue to push higher towards the 142.72 target and a break above here confirms a continuation higher towards 147.96 as the next major upside target.
Short-term key-support is seen at 139.45 which needs to be able to protect the downside or we will have to look at our alternate short-term counts for GBP/JPY, but for now we stick with our preferred count call for more upside towards 142.72.
R3: 142.72
R2: 142.03
R1: 141.42
Pivot: 140.66
S1: 140.24
S2: 139.45
S3: 138.87
Trading recommendation:
We bought GBP at 140.71 and we have placed our stop at 139.40
