Major support - 128
GBPJPY is consolidating between 130.69 and 128.18 for the past three trading days. It has formed a temporary top around 130.69 and showing a minor decline. The minor jump was mainly due to a strong GBP against USD and is holding well above 1.2200 level. Any violation above 1.2300 will take the pair till 1.23400.
The pair is struggling to hold above 130 level and any daily close confirms further bullishness. Any convincing break above 130.70 will take the pair to next level till 131.08/131.83/132.20/132.90.
On the flip side, near term support is around 129.47-60 and any dip below will drag the pair to the next level till 129/128-128.20 is possible. The major support is around 128.
It is good to buy on dips around 129.25-30 with SL around 128.20 for the TP of 130.69/131.08.
