GBP/JPY is likely to see a short-term peak at 141.50 and a correction towards strong support near 135.67. Over the last couple of days, we have seen a clear loss of upside momentum and yesterday long unfavorable candle ending the day near the open (a shooting star) also indicating a short-term peak being in place and a dip towards strong support near 135.67 looks possible as Boris Johnson returns to the UK to fight for his Brexit deal with the EU.
R3: 142.26
R2: 141.50
R1: 140.08
Pivot: 138.64
S1: 137.84
S2: 137.21
S3: 136.46
Trading recommendation:
We will take profit here at 139.40 and enjoy a nice 815 pips profit of our long position from 131.25. We will look for a new buying opportunity near 135.75