GBP/JPY has cleared short-term important resistance at 137.33 indicating that wave 2 completed with the 135.35. Now wave 3 is in motion for a new impulsive rally that ultimately should break above the 148.87 peak.
Short-term support is now seen at 137.20 with important support seen at 136.24. This later support must protect the downside or our bullish view will be frustrated.
We are long GBP from 137.25 and we have placed our stop at 136.50.
The material has been provided by InstaForex Company – www.instaforex.com