FxWirePro: GBP/JPY faces strong resistance at 148.10, good to buy on dips
GBP/JPY recovered sharply till 147.60 after a forming a minor bottom around 145.26. The pair downside capped by 21- day EMA and any break below confirms minor weakness. It is currently trading around 147.47. The temporar…
GBP/JPY recovered sharply till 147.60 after a forming a minor bottom around 145.26. The pair downside capped by 21- day EMA and any break below confirms minor weakness. It is currently trading around 147.47.
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 wil ldrag the pair till 145.22 (21- EMA)/144.29.
Overall bullish invalidation only below 135.45 (Apr 17th 2017).
Momentum indicator RSI and lagging indicator MACD both showing buy signal in the daily chart.
It is good to buy on dips around 146.80 with 146 for the TP of 148.10/150.
