FxWirePro: GBPJPY Trade Idea

Major resistance - 139 (330- H EMA)

Ichimoku Analysis (1 hour chart)

Tenken-Sen- 138.39

Kijun-Sen- 138.29

GBPJPY has shown a good recovery of more than 100 pips after better than expected UK GDP data. It hits high of 139.15 at the time of writing and is currently trading around 138.53.

On the higher side, any convincing close above 139 confirms further bullishness, a jump till 140/141 likely.

The near term support is around 138.20 and any violation below targets 137.44/137.

It is good to buy on dips around 138 with SL around 137.45 for the TP of 140.

Resistance

R1- 1.1590

R2 - 1.1645

R3- 1.1700

Support               
 
S1- 1.1470

S2- 1.1435

S3- 1.1400