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FxWirePro: GBP/JPY faces strong trend resistance at 146.75, break above targets 148.10

  • Major support – 145.30 (Trend line joining 138.67 and 139.20).
     
  • GBP/JPY formed a minor bottom around 144.80 on Jul 31st 2017 and recovered slightly from that level. It has declined till 146.66.
     
  • The pair is facing strong trend line resistance around 146.75 (trend line joining 147.77 and 147.50) and any break above will take the pair till 147.60/148.10.
     
  • On the lower side, near term intraday support is around 145.25 and any break below will drag the pa ir down till 144.80/144.38 (55- day EMA). But it should break below 144.38 for minor weakness. Any break below 144.80 will drag the pair till 143/142.30.

It is good to buy on dips around 1456.35-40 with SL around 145.40 for the TP of 147.60/148.

 

 

               

 

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