FxWirePro: GBP/JPY trade Idea

• GBP/JPY is continuing its upward momentum and jumped almost 80 pips from Wednesday close. The pair has closed slightly above 200- day MA and this confirms minor trend reversal. It has jumped till  jumped till 150 at the time of writing The yen was trading weak against all majors today on account of easing geo political tensions . USD/JPY trades higher and hits high of 111. GBP/JPY has taken support near trend line and any minor weakness only below 147.05. It is currently trading around 149.72.
   
• The pair is facing strong resistance at 150 and any convincing break above 150 will take the pair to next level till 150.64 (100- day MA)/151/152.80.
   
• On the lower side, near term major support is around 149 and any decline below will drag the pair to next level till 148/147.

It is good to buy on dips around 149.50-60 with SL around 149 for the TP of 150.64/151.

Resistance

R1- 150
 

R2 –150.65
 

R3- 151.50

Support               
 

S1- 149
 

S2-148
 

S3- 147