FxWirePro: GBP/JPY Trade Idea

As per our analysis GBP/JPY has shown a huge recovery of nearly 200 pips after taking support near 140level. Intraday trend is slightly bullish as long as support 141 holds. The main reason for jump is due to short covering. The pair hits high of 142.47 and shown a minor decline of 100 pips. It is currently trading around 141.42. GBP has once gain declined after showing a minor jump of 100 pips. It has broken the low of 1.27229 made on Aug 10th 2018 and hits low of 1.27048.

On the higher side, near term resistance is around 142.47 (23.6% fib) and any break above will take the pair to next level till 143/143.60 (7- day MA)/144.43 (10- day MA).

The near term support is around 140 and any break below targets 138/136.

It is good to buy on dips around 140.85-90 with SL around 140 for the TP of 142.47/143.

Resistance

R1- 142.50
 

R2 - 143

R3- 143.60

Support               

S1- 140

S2- 138

S3- 136