FxWirePro: GBP/JPY faces strong resistance at 132.50, good to buy on dips

• Major resistance- 132.50 (23.6% retracement of 143.23 and 129.06).
   
• Major support -132 (hourly Kijun-Sen).
   
• Hourly chart (CMP- 132.28).
   
• Tenkan-Sen -132.29.
   
• Kijun-Sen- 132.04.
   
• GBP/JPY has declined till 131.44 yesterday and jumped from that level. It is currently trading around 132.27.
   
• The intraday trend is bullish as long as support 131.20 (200 HMA) holds.
   
• On the higher side, any break above 132.50 will take the pair to next level till 133/134.05/135.25 in the short term.
   
• Any break below 200 HMA will drag the pair to next immediate support at 130/128.60.

It is good to buy on dips around 132 with SL around 131.20 for the TP of 134.05/135.25