GBP/JPY is still hovering below short-term important resistance at 130.23. As long as this minor resistance is able to cap the upside GBP/JPY still could see a final dip to just below 128.09 closer to our ideal target at 127.93 before turning higher again.
A direct break above minor resistance at 130.23 will be the first strong indication that GBP/JPY has bottomed and a new impulsive rally could be developing. To confirm a long-term low is in place a break above resistance at 131.62 and more importantly a break above resistance at 132.70 is needed.
R3: 131.62
R2: 130.73
R1: 130.23
Pivot: 129.60
S1: 128.87
S2: 128.49
S3: 128.09
Trading recommendation:
We are looking for a buying opportunity at 128.05 or upon a break above 130.23
The material has been provided by InstaForex Company - www.instaforex.com