FxWirePro: GBP/JPY Trade Idea

• GBP/JPY has lost almost 80 pips from the high of 149.31 made yesterday. Rec Cable has shown a minor recovery till 1.32980 and started to decline from that level. UK June jobless  change came at +7.8 k compared to forecast of 2.3K ,average earnings 3m y/y came in line with expectations at 2.5% and employment change came at slightly better than expected at 137k compared to forecast of 115k. BOE ‘s Governor Carney testifying before the treasury committee on financial stability warns on potential Brexit risks. Pound sterling recovered 40 pips from the low of 1.32311. The yen has recovered marginally against USD. USDJPY declined 40 pips from the high of 112.80. It is currently trading around 112.38.GBPJPY hits intraday high of 149.05 and is currently trading around 148.15.
   
• The pair is facing strong resistance at 149.52 (200- day MA) and any break above will take the pair till 150/150.90.
   
• On the lower side, near term support is around 148.10 (55- 144min EMA) and any break below will take the pair to next level till 147.60/146.80/146.

It is good to sell on rallies around 149.10-20 with SL around 150 for the TP of 147.65/146.    

Resistance

R1- 149.55

R2 –150

R3- 150.90

Support               

S1- 147.80 

S2-146.80

S3-146