GBP/JPY broke above resistance at 137.85 as was nothing there to protect the upside. With the break above 137.85, we are looking for a test of the former peak at 139.80. This resistance might be able to halt the rise temporary, but it should only be a matter of time before the pair moves higher to 144.29 and to 148.32.
R3: 139.80
R2: 139.20
R1: 138.75
Pivot: 138.30
S1: 137.92
S2: 134.43
S3: 136.93
Trading recommendation:
We are long GBP from 135.48 and we will move our stop higher to 136.50
The material has been provided by InstaForex Company - www.instaforex.com