GBP/JPY is following the expected path higher towards the 161.8% extension target at 151.30 for wave iii. Ideally GBP/JPY will accelerate directly higher through resistance near 146.75 for a continuation higher to 148.41 and 149.41 on the way towards 151.30.
That said, resistance near 146.75 might cause a minor correction to 144.80 before the final break higher through 146.75 for a continuation higher. Only an unexpected break below key-support at 144.32 will question our bullish outlook.
R3: 149.41
R2: 148.41
R1: 147.05
Pivot: 146.32
S1: 145.70
S2: 145.38
S3: 144.80
Trading recommendation:
We are long GBP from 143.15 with our stop placed at 144.50.
The material has been provided by InstaForex Company - www.instaforex.com
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