GBP/JPY has now broken above minor resistance at 142.63 confirming that wave iv/ completed with the test of 141.12 and wave v/ higher to 151.50 now is developing.
The first hurdle to look for is seen at 144.18, but a clear break above here will just add to our preferred count that wave v/ is unfolding and headed higher towards the 161.8% extension target for wave iii at 151.50.
Support is now seen at the former resistance at 142.63, which ideally will protect the downside for the rally to and above 144.18.
R: 144.84
R2: 144.18
R1: 143.13
Pivot: 142.63
S1: 142.33
S2: 141.85
S3: 141.12
Trading recommendation:
We bought GBP at 142.65 and we have placed our stop at 141.65