The failure to break back above minor resistance at 147.77 was disappointing for our bullish outlook. This does not mean, that our bullish view has been invalidated, but a less bullish alternate count, seems to be in the works.
Under this count, GBP/JPY will need to stay above support at 144.84 for a break above minor resistance at 146.18 to confirm the next impulsive rally higher to 148.57 and above.
A failure to stay above 144.84 will shift our count to a bearish outlook and call for more downside pressure towards 144.18 and maybe even closer to 141.41 - not our preferred outlook.
Our stop at 146 was hit for a 285 pips profit. We will re-buy GBP upon a break above 145.85 and place our stop at 144.75.The material has been provided by InstaForex Company - www.instaforex.com