GBP/JPY has broken clearly through short-term key-support at 131.88 indicating more downside pressure towards 128.53 on the way to just below 123.99. So, it is likely to complete the final decline from 147.95.
Short-term resistance is now seen at 131.88 (former support turns to resistance). Ideally, this resistance will continue to protect the upside for a continued downside pressure towards 128.53 and below. Only an unexpected break above resistance at 133.19 will invalidate our bearish view.
R3: 133.19
R2: 131.81
R1: 131.30
Pivot: 130.75
S1: 130.11
S2: 129.72
S3: 129.13
Trading recommendation:
We sold GBP at 131.88 and have our stop+revers placed at 133.20
The material has been provided by InstaForex Company - www.instaforex.com