GBP/JPY broke above resistance at 135.25 and more importantly above resistance at 135.90. It was a clear indication that a firm corrective low had been found at 133.77. In the short-term, we are looking for a break above minor resistance at 134.72 as a confirmation that the correction from 136.04 has completed and a new impulsive rally towards 137.37 and 138.67 is in motion on the way higher to 148.32.
We are long GBP from 135.35 with our stop placed at 133.70
The material has been provided by InstaForex Company – www.instaforex.com