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.
We bought GBP at 142.65 and we have placed our stop at 141.65
The material has been provided by InstaForex Company – www.instaforex.com