GBP/JPY Gets Extra Momentum

The sterling reversed the downtrend, building a base on support floor of 135.50, as the current moves witness a bullish slope near the high of 136.48.

Technically, we are biased towards the positive, given the consolidation of trading above the 136.00 barrier, in addition to the clear positive crossover signals on Stochastic.

Therefore, we target 136.80 as the first target, followed by 137.20. Returning to consolidation again below 135.75 is capable of negating attempts to rise and puts the price under temporary negative pressure targeting a re-test of 135.10 before resuming the rise again.

S1: 135.75	R1: 136.80
S2: 135.10	R2: 137.20
S3: 134.75	R3: 137.90