GBP/JPY has corrected to a low of 147.37 in the upper range of our target-area between 146.41 - 147.72. The following test of resistance at 149.17 has been weak, which could indicate a second dip into this correction-area before the next real rally higher.
Only a clear break above resistance at 149.30 will shift the focus towards renewed strength towards 150.44 and 155.36 as the next major upside target.
R3: 149.88
R2: 149.30
R1: 148.90
Pivot: 148.70
S1: 148.49
S2: 148.20
S3: 147.75
Trading recommendation:
We bought GBP again at 149.25 and we have placed our stop at 148.15
