FxWirePro: GBP/JPY Trade Idea

• GBP/JPY has shown a good jump in today’s trading and jumped almost more than 100 pips. The pair hits high of 147.84 and started to decline slightly after weaker than expected UK manufacturing production data. UK manufacturing production came at -1.4% for the month of May compared to forecast of 0.3%. GBP has declined more than 80 pips after the data. It hits intraday low of 1.33636 for the intraday.  The yen declined on easing geo political tension especially between US and N.Korea. USD/JPY has shown a good recovery and its overall trend is strong. Any close above 110.17 (200 –day MA) confirms further jump and it is currently trading around 109.98 GBPJPY is currently trading around 147.04.
   
• The pair is facing strong resistance at 148.36 (55- day EMA) and any convincing break above will take the pair to next level till 149/149.60 (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- 148.35
 

R2 –149
 

R3- 150

Support               
 

S1- 146
 

S2-145
 

S3-143.20