GBP/JPY continues to push higher and yesterday broke above the resistance-line going back to the 156.61 peak in late January 2018. As this is the last trading day of January a close above the resistance-line near 142.70 will confirm more upside pressure towards 147.96 as the next upside target and ultimately above the 156.61 peak.
Short-term support is seen at 142.72 and with strong support seen at 142.20 which we expect will protect the downside if tested.
R3: 145.61
R2: 144.96
R1: 143.65
Pivot: 143.05
S1: 142.72
S2: 142.20
S3: 141.60
Trading recommendation:
We are long GBP from 142.27 and we have raised our stop to 142.15.
