FxWirePro: GBP/JPY Trade Idea

• GBP/JPY declined more than 200 pips from the high of 152.60 yesterday on account of strong yen. The yen was trading higher against all majors after BOJ has planned to trim its bon d purchase. The pair continuing its weakness for the third consecutive day and declined almost 300 pips from the temporary top. It is currently trading around 150.50.
   
• Intraday bias is on the neutral as long as trend line support 150.20 holds. The pair formed almost a double top at 153.60 and any further bullishness only above that level.
   
• The pair has taken support near major trend line and shown a minor jump 150.97 almost 60 pips. Any break below 150.25 (trend line 139.30 and 146.97) and any break below will drag the pair to next level till 149.40. Short term bearishness only below 149.40.
   
• The major resistance is around 151.30 (200- 4H EMA) and any break above will take the pair till 152/152.60. Further bullishness only above 153.60.

It is good to buy on dips around 150.55-60 with SL around 150.20 for the TP of 151.25/151.50.

Resistance
 

R1-151.30
 

R2 -152
 

R3-152.60
 

Support               
 

S1-150.20
 

S2-149.40
 

S3-148