FxWirePro: GBP/JPY faces strong support 38.2% fibo,good to buy on dips
Major resistance - 142.60 (trend line joining 144.78 and 144.69) Major Intraday support – 141.65 (38.2% retracement of 138.53 and 142.80). GBP/JPY shown huge decline after jumping till 142.80 yesterday. The pair declined…
Major resistance - 142.60 (trend line joining 144.78 and 144.69)
Major Intraday support – 141.65 (38.2% retracement of 138.53 and 142.80).
GBP/JPY shown huge decline after jumping till 142.80 yesterday. The pair declined slightly below 142 level and started to recover slightly from the low of 141.78. It has taken support near 23.6% fibo and minor weakness can be seen only below that level.
The pair is facing strong trend line resistance at 142.60 and any break above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 141.65 will drag the pair till 141.01 (Feb 10th low)/139.80 (200- day MA).
It is good to buy on dips 142.20-142.25 with SL around 141 for the TP of 144.13/144.78.
