FxWirePro: GBP/JPY Trade Idea

• GBP/JPY declined more than 100 pips in today’s session on account sudden decline in GBP due to profit booking. Yen declined yesterday more than 100 pips as US –China trade war tension eases. The pair hits high of 150.50 and is currently trading around 149.18.
   
• The major resistance is around 150.60 (100- day MA) and any break above targets 150.95/151.50. The major trend reversal only above 150.95.
   
• On the lower side, near term support is around 149.10 (100- H MA and any close below will drag the pair till 148.70 (200- H MA)/148.

It is good to sell on rallies around 149.55-60 with SL around 150.50 for the TP of 146/145.

Resistance
 

R1-149.73
 

R2 – 150.60
 

R3-151

Support               
 

S1-149.10
 

S2- 148.70
 

S3- 148