Patience pays off and GBP/JPY is finally on the move again towards the 142.72 target. The resistance at 142.70 could cause a temporary minor set-back, but ultimately we expect the 142.70 target to be broken for a continuation higher towards 156.61 as the next major upside target.
Ideally support at 141.22 will be able to protect the downside as GBP/JPY gathers upside momentum as starts accelerating, but only an unexpected break below key-support at 140.31 will cause a revision of our bullish outlook.
R3:142.72
R2: 142.35
R1: 142.03
Pivot: 141.51
S1: 141.22
S2: 140.83
S3: 140.31
Trading recommendation:
We are long GBP from 140.71 and we have moved our stop higher to 140.25