GBP/JPY remained flat the last couple of trading days. The political uncertainty in the UK weighs on GBP. Thus, we're waiting for signals for GBP and are looking for a break above minor resistance at 137.79 that should open for rally to 139.64 on the way higher to 141.40.
Only a direct break below support at 136.96 will invalidate our bullish outlook and call for renewed downside pressure towards 135.73.
R3: 139.65
R2: 138.80
R1: 138.26
Pivot: 137.85
S1: 137.45
S2: 136.96
S3: 136.59
Trading recommendation:
We are long GBP from 137.50 with our stop placed at 136.90. Upon a break above 137.96 we will raise our stop to break-even at 137.50.
The material has been provided by InstaForex Company - www.instaforex.com