FxWirePro: GBP/JPY Trade Idea

• Major resistance – 151.40 (trend line joining 152.34 and 151.74, 233- H MA).
   
• GBP/JPY declined sharply after forming a temporary top at 153.41(Dec 8th 2017 high).  The pair dipped till 150.83 and is currently trading around 151.28.
   
• UK CPI data came yesterday rose to 6 –year high at 3.1% but GBP declined after showing a minor recovery. UK jobs data came slightly weaker than expected and pound sterling shown a minor decline after the data.
   
• The near term major resistance is around 151.40 and any break above will take the pair to next level till 152/152.37/153. Overall bearish invalidation only above 153.40.
   
• On the lower side, support is around 150.78 and any break below will drag the pair to 150.16/149.75 (Dec 6th 2017 low).

It is good to buy above 151.40 with SL around 151 for the TP of 152.37/153.

Resistance
 

R1- 151.40
 

R2 -152
 

R3- 152.40
 

Support               
 

S1-150.78
 

S2- 150.16
 

S3-149.75