The GBP/JPY has formed a bullish zone just above the W L3 pivot. As long as the price is above 142.80, we should see a bullish move.

The price is still in a zig-zag indicating bullish pressure. 143.50 is the level where the price should bounce from straight towards 144.50 and 145.40. However, today is the UK PMI report. If the report comes worse than expected, we should see a move down below 142.80 towards 142.15. It is Friday, so be careful with trading as profit-taking will take place during the day.

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