FxWirPro: GBP/JPY downside capped by 55- EMA, good to buy on dips
Major support – 144 (55 EMA and trend line support). GBP/JPY has taken support near trend line and 55- day EMA and recovered slightly from that level. The pair jumped till 144.66 and is currently trading around 144.25. A…
Major support – 144 (55 EMA and trend line support).
GBP/JPY has taken support near trend line and 55- day EMA and recovered slightly from that level. The pair jumped till 144.66 and is currently trading around 144.25.
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 144.95 (23.6% retracement of 147.77 and 144.06) and any break above will take the pair till 145.35 (21- day EMA)/146.05 (10- day MA).
Overall bearish invalidation only above 148.11 level.
It is good to buy on dips around 144.20-25 with SL around 143.80 for the TP of 145.35/146.
