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GBP/JPY: Trendline support and Bullish divergence

Major support - 143.35 (trend line support)

Chart Pattern- Bullish Divergence (CCI (50) in 8 hours chart)

GBP/JPY is continuing its weakness and lost more than 50 pips from the high of 144.28. The pair has lost more than 500 pips from the minor top formed around 149.13. So it looks over sold and bullish divergence shows that there will a be jump till 146 in short term.

The near term resistance is around 144.65 (20-8H MA) and any break above will take the pair to next level till 145.48 (55- 8 HEMA)/146.

On the lower side, any break below 143.35 will drag the pair down till 143/141.50.

It is good to buy on dips around 143.30-35 with SL around 142.95 for the TP of 146.

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