FxWirePro: GBP/JPY Trade idea

• 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