- Major intraday resistance -129.34 (34 day EMA)
- Major support – 126.40 (trend line joining 125.91 and 126.12)
- GBP/JPY pared its early losses and jumped sharply till 128.50 level. It is currently trading around 126.71.
- The pair slightly jumped after declining till 126.40 today. GBP/JPY should break above 34- day EMA for further bullishness. So slight bullishness can be seen only above 129.35 and any break above targets 130.11/132.
- On the lower side, 126.40 will be acting as short term support and any indicative break below 126.40 will drag the pair down till 125.90/124.80 in the short term.
It is good to sell on rallies around 128.65-70 with SL around 129.40 for the TP of 126.40/125.80.
Resistance
R1-129.35
R2-130.11
R3-131.07
Support
S1-127.50
S2-126.40
S3- 125.80
