FxWirePro: GBP/JPY Trade Idea

• Major resistance – 152.09 (Dec 27th 2017 high).
   
• GBP/JPY has jumped slightly after breaking trend line resistance. The pair hits high of 152.08 and is currently trading around 152.02.
   
• The pair should close convincingly above 152 for the next minor jump. Any close above 152 will take the pair to next level till 153/153.40. It should break above 153.40 for jump till 155/157.
   
• The near term support is around 151.40 (55- 4H EMA) and any break below will drag the pair till 151.27 (100- 4H MA)/150.58 (200- 4h EMA)/150.10.

It is good to buy on dips around 151.90-95 with SL around 151.50 for the TP of 153.40/155.

 

Resistance
 

R1- 152.10
 

R2 -153
 

R3-153.40
 

Support               
 

S1-151.40
 

S2- 151
 

S3-150.58