FxWirePro: GBP/JPY downside capped by 10- day MA, good to buy on dips
GBP/JPY declined slightly after hitting high of 147.60 yesterday. The pair downside capped by 10- day MA and any break below confirms minor weakness. It is currently trading around 147.13. The temporary top formed at 148…
GBP/JPY declined slightly after hitting high of 147.60 yesterday. The pair downside capped by 10- day MA and any break below confirms minor weakness. It is currently trading around 147.13.
The temporary top formed at 148.11 on May 10th 2017 is acting as major trend reversal level. Any bullish continuation can be seen only above that level. Any violation above will take the pair till 150/156.
On the lower side, near term support is around 146.60 (10- day MA) and any break below will drag the pair till 145.40/144.29 (38.2% retracement of 138.67 and 147.77).
Overall bullish invalidation only below 135.45 (Apr 17th 2017).
It is good to buy on dips around 146.80 with 146 for the TP of 148.10/150.
