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FxWirPro:GBP/JPY trade idea

Major resistance – 141.50 (200- day MA) Major support -139.54 (89- day EMA) The pair breaks major support 140 and declined till 139.63 at the time of writing. It is currently trading around 141.30. GBP/JPY upside is capp…

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FxWirPro:GBP/JPY trade idea
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  • Major resistance – 141.50 (200- day MA)  
                
  • Major support -139.54 (89- day EMA)
     
  • The pair breaks major support 140 and declined till 139.63 at the time of writing. It is currently trading around 141.30.
     
  • GBP/JPY upside is capped by 200- day MA and any break above 141.50 will take the pair to next level till 142.58 (30- day EMA)/143.40 (61.8% retracement of 145.40 and 140.17).The minor resistance is around 141.
     
  • Major support is around 139.50 (89- day EMA) and any break below will drag the pair down till 138.50/135 in the short term.

    It is good to sell on rallies around 140.25-30 with SL around 141 for the TP of 138.55/135

Resistance                                                                               

R1-141.50.

R2-142.58

R3- 143.40

Support      

S1-139.50

S2-138.50

S3- 135

 

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