GBP/JPY only staged a minor dip to 142.12 before starting a new rally above 142.75 towards important resistance at 143.38. Once this resistance breaks, there is no more doubt that wave iv completed prematurely at 140.80 and wave v higher towards at least 149.11 is in progress.
Support is now seen at 142.75 and again at 142.42. Ideally the later will protect the downside or a new dip to 142.12 should be expected before a new attack on important resistance at 143.38 is launched.
We bought GBP at 142.76 and have placed our stop at 141.20 but expects to raise it soon
The material has been provided by InstaForex Company – www.instaforex.com