FxWirPro: GBP/JPY Trade idea

• Major support – 144 (55 EMA and trend line support).
   
• GBP/JPY has taken support near trend line and 55- day EMA and recovered sharply from that level. The pair has broken trend line resistance 145 (trend line joining 147.60 and 146.28) jumped till 145.74 at the time of writing and is currently trading around 145.63.
   
• Any further bearishness can be seen only below 144 level. Any break below will drag the pair down till 143.20 (50% retracement of 138.67 and 147.77)/142.25 (100- day MA).
   
• On the higher side, minor resistance is around 145.30 (21- EMA) and any break above will take the pair till 146.20 (100- 4H MA)/147.60.
   
• Overall bearish invalidation only above 148.11 level.

It is good to buy on dips around 145.20-145.25 with SL around 144 for the TP of 146.20/147.60

 Resistance
                   

R1- 145.30
                   

R2 -146.20
 

R3- 147.60
 

Support   
 

S1-144
 

S2-143.20

 

S3-142.25