GBP/JPY spiked to a high of 143.97 before turning towards the downside again. We will look for a break below minor support at 143.19 and more importantly below support at 142.82 as confirmation that the final decline into target-zone between 139.29 – 139.83 is unfolding. Only an unexpected break above 143.97 will keep the correction from 142.77 alive, but resistance at 144.53 should not be broken under this scenario.
We sold GBP at 143.65 and has placed our stop at 144.60.
The material has been provided by InstaForex Company – www.instaforex.com