GBP/JPY gained upside momentum and rallied higher to test key-resistance at 136.52. This resistance will likely be able to cap the upside temporary for a corrective set-back to 135.36 before the next push higher towards 138.31. In the long term, we are looking for a rally in wave iii/ to above the former peak at 142.02.
Support is now seen at 135.52 and then at 134.63, which ideally will protect the downside for renewed upside pressure.
We are long GBP from 133.51 and we will move our stop higher to 133.80The material has been provided by InstaForex Company - www.instaforex.com