FxWirePro: GBP/JPY takes support near trend line, good to buy on dips

• GBP/JPY has formed a minor top around 151.93 and shown decline from that level. The pair dipped till 148.66 and is currently trading around 150.10.
   
• The main dip in the previous week was mainly due to BOE dovish rate hike and has also mentioned to rise rates only three times for the next three year. GBP declined against all majors.
   
• The pair has taken support near trend line and shown a minor above psychological level at 150. In the four hour chart pair is trading well above 55 EMA- and 100- MA. Intraday minor weakness can be seen only below 149.60. Any break below 149.60 will drag the pair down till 149/148.60.
   
• On the higher side, near term resistance is around 150.50 and any break above will take the pair to next level till 151/151.60. Overall bullish continuation only above 152.86.

It is good to buy on dips around 150 with SL around 149.55 for the TP of 151/151.58.

Resistance
 

R1- 150.50
 

R2 151
 

R3- 151.60
 

Support               
 

S1- 149.60
 

S2- 149
 

S3-148.60