FxWirePro: GBP/JPY struggles to break below 135, good to buy on dips
Tuesday, September 13, 2016 6:09 AM UTC
- Major support – 135.09 (38.2% retracement of 138.83 and 129.06).
- Major resistance – 137.66 (55-day EMA).
- GBP/JPY has once again recovered after making a low of 135.17. It is currently trading around 135.90.
- On the lower side, major support is around 135.09 (38.2% retracement of 138.83 and 129.06) and any break below will drag the pair to next immediate support at 133.99/13 in the short term.
- The pair is facing strong resistance at 10- day MA and any break above targets 137.15/138.It should close above 138.85 for further bullishness.
It is good to buy on dips around 135.85-90 with SL around 135 for the TP of 136.90/138.
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