GBP/JPY has broken above short-term key- resistance at 136.40 which is a strong indication that red wave ii has completed and red wave iii now is in motion for a rally towards 143.18 and possibly even higher.
Short-term support is now seen at 136.40 with key-support at 135.82. The late must be able to protect the downside or a re-test of the former low at 135.38 will be seen.
R3: 137.25
R2: 137.06
R1: 136.78
Pivot: 136.67
S1: 136.52
S2: 136.41
S3: 136.19
Trading recommendation:
We are long GBP from 135.45 and we will raise our stop to 135.80
The material has been provided by InstaForex Company - www.instaforex.com