FxWirePro: GBP/JPY recovers sharply from the low of 139.62, good to buy on dips
Major resistance - 142.15 (trend line joining 144.78 and 144.69) Major support – 139.40 (200- day MA) GBP/JPY has taken support near 200 –day MA at 139.50 and recovered sharply from that level. Short term trend is slight…
Major resistance - 142.15 (trend line joining 144.78 and 144.69)
Major support – 139.40 (200- day MA)
GBP/JPY has taken support near 200 –day MA at 139.50 and recovered sharply from that level. Short term trend is slightly bullish as long as support 139.40 holds.
The pair is facing strong trend line resistance at 142.25 and any close above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 139.40 (200- day MA) and any break below will drag the pair till 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
It is good to buy on dips 140.55-140.60 with SL around 139.60 for the TP of 142.25/144.10.
