GBP/JPY is currently a minor correction that most likely will lead to support in the 138.16 - 138.30 area for the next impulsive rally higher to the former peak at 142.72 and ultimately a break above here is expected too.
If, however, support at 138.16 is broken, we see back-up support at 137.69 that should halt the correction from 140.32 and turn prices higher again through minor resistance at 139.43 for the rally higher towards 142.72.
R3: 139.72
R2: 139.47
R1: 139.02
Pivot: 138.97
S1: 138.55
S2: 138.30
S3: 138.16
Trading recommendation:
We are long GBP from 135.45 with our stop placed at 137.45
The material has been provided by InstaForex Company - www.instaforex.com