GBP/JPY is breaking above minor resistance at 140.51 indicating that the wave 2 has completed and the wave 3 higher is developing. In the short-term, minor support at 140.18 will be able to protect the downside for a firm breakout above minor resistance at 140.51 and, more importantly, a breakout above resistance at 141.74 for a continued upward movement to 142.21 and 143.72 as the next minor hurdles on the way towards 151.50.
At no point can a breakout below support at 139.63 be allowed as it will call for more downside pressure.
R3: 141.74
R2: 141.10
R1: 140.82
Pivot: 140.50
S1: 140.16
S2: 139.63
S3: 139.53
Trading recommendation:
We are long GBP from 139.80 and we will move our stop higher to 139.60
The material has been provided by InstaForex Company - www.instaforex.com