FxWirePro: GBP/JPY takes support near trend line, good to buy on dips
Major support- 136.45 (trend line joining 138.84 and 137.75). The pair has taken support near trend line and jumped till 137.11. It is currently trading around 136.92. GBP/JPY shown a minor dip below 200- day MA but once…
Major support- 136.45 (trend line joining 138.84 and 137.75).
The pair has taken support near trend line and jumped till 137.11. It is currently trading around 136.92.
GBP/JPY shown a minor dip below 200- day MA but once again jumped slightly above that level. It has taken support near 136.45 low formed on Jan 16th 2017.
On the lower side any break below the trend line will confirm further weakness , a decline till 133.94 likely.
The near term resistance is around 138 (23.6% retracement of 142.80 and 136.45) and any break above targets 138.45 (21- day EMA)/ 138.91/139.60 (100- day EMA).
It is good to buy on dips around 136.55-60 with SL around 136 for the TP of 138
