FxWirePro: GBP/JPY Trade Idea

• GBP/JPY has shown a minor selling after hitting high of 150.49. The pair declined till 149.48 yesterday and is currently trading around 149.99. GBP was trading slightly higher against after Theresa was optimistic over Brexit talks and has reiterated that she is “ambitious and positive” and moving on to the next stage of talks with EU.
   
• The Japanese yen is expected to trade weaker after Abe’s victory in elections should mean more stimulus for Japan.
   
• The pull back from 152.82 got completed at 146.92 and any further bearish continuation can be seen only below that level. The near term support is around 149 and any break below will drag the 147.92 (34- day EMA)/146.95.
   
• On the higher side, major resistance is around 150.50 and any break below will drag the pair to next level till 151.60/152.82. The pair has closed well above 20- day and 50- day MA and this confirms minor bullishness and a jump till 152.80 likely.

It is good to buy on dips around 149.75-80 with SL around 149.28 for the TP of 151.60/152.80.

Resistance
               

R1- 150.50
 

R2 151.60
 

R3- 152.80
 

Support               
 

S1- 149
 

S2-147.90.
 

S3-146.95