GBP/JPY found the support at 124.80 and started to rise. The pair managed to break above the descending channel and currently is trading above both 50 and 200 Moving Averages.
This means that GBP/JPY is either going to continue correcting up or could change the direction of the trend from down to up. At the same time, the pair has broken above 38.2% Fibonacci retracement level where the next upside target could be one of the next Fibs.
Consider buying GBP/JPY at the current rate (138.00), targeting either 50% (142.45) or 61.8% Fibs (146.60). Suggested stop loss is 135.10.
Support: 133.12
Resistance: 138.28, 142.45, 146.62
