FxWirePro: GBP/JPY Trade Idea

• GBP/JPY is showing a minor decline after hitting high of 148.11 yesterday. The pair jumped 500 pips from the low of 143.19 made on May 29th 2018.  The yen recovered slightly as US trade war with other countries still persist. GBP was trading slightly weak after hitting high of 1.34715 and is currently trading around 1.34035. USD/JPY has shown a minor selling and its overall trend is strong. Any close above 110.17 (200 –day MA) confirms further jump and it is currently trading around 109.34 GBPJPY is currently trading around 146.43.
   
• The pair is facing strong resistance at 147.20 (20- day MA) and any convincing break above will take the pair to next level till 148/148.45 (55- day EMA)/149.60 (200- day MA).
   
• On the lower side, near term major support is around 146.14 (38.2% fibo) and any convincing break below will drag the pair to next level till 145/143.20.

It is good to sell on rallies around 147.55-60 with SL around 148.50 for the TP of 145.

Resistance

R1- 148.50
 

R2 –149
 

R3- 150

Support               
 

S1- 146
 

S2-145
 

S3-143.20