FxWirePro: GBP/JPY Trade Idea

• Major support – 144.80 (Trend line joining 138.67 and 139.20).
   
• GBP/JPY formed a minor top around 146.55 on Jun 27th 2017 and declined slightly from that level. It has declined till 145.08.
   
• The pair is trading slightly below hourly Tenkan-Sen and Kijun-Sen. But it should break below 144.80 for intraday weakness. Any break below 144.80 will drag the pair till 144/143.
   
• On the higher side, intraday resistance is around 145.40 (200- H MA) and any break above will take the pair till 146.55 (61.8% retracement of 148.11 and 144).

It is good to sell below 144.80 with SL around 145.40 for the TP of 144/143.

Resistance
                   

R1- 145.40

 

R2 -146.55
 

R3- 147.10
 

Support   
 

S1-144.80
 

S2-144
 

S3-143