GBP/JPY Triggers Corrective Recovery Nearer Term

GBP/JPY triggers corrective recovery nearer term as we expect more gain in the days ahead. On the downside, support comes in at the 136.00 level where a violation will aim at the 135.50 level. A break below here will target the 135.00 level followed by the 134.50 level. Conversely, resistance is seen at the 137.00 level followed by the 137.50 level. A cut through that level will set the stage for a move further higher towards the 138.00 level. Further out, resistance resides at the 138.50 level. All in all, GBP/JPY remains biased to the upside nearer term.

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