FxWirePro: GBP/JPY forms falling wedge pattern, good to buy on dips
Chart Pattern formed- Falling Wedge. Major Resistance – 148.80 (Trend line joining 150.32 and 149.37). GBP/JPY has jumped sharply from the trend line support of 147. It breaks falling wedge trend line resistance 148.80 a…
Major Resistance – 148.80 (Trend line joining 150.32 and 149.37).
GBP/JPY has jumped sharply from the trend line support of 147. It breaks falling wedge trend line resistance 148.80 and closed slightly well above that level. It is currently trading around 149.15.
The pair’s minor weakness can be seen below 148.60 and any violation below will drag the pair to next level till 148.15 (4H Kijun-Sen)/147.80/147. Any break below 147 confirms major weakness, a dip till 145 cannot be ruled out.
GBP/JPY formed temporary top around 152.86 and started to decline from that level. Any overall trend reversal only above 152.86. The near term resistance is around 1480 and any convincing jump above 148.80 will take the pair to next level till 150/150.32. The minor bullishness can be seen only above 150.32. It is trading slightly above short term moving average (20 and 50 day).
It is good to buy on dips around 149.05-149.10 with SL around 148.50 for the TP of 150/150.32..
