FxWirePro: GBP/JPY trade Idea

• Major resistance – 135
   
• The pair breaks above major psychological resistance is at 135 and slightly jumped till 135.42 at the time of writing. It is currently trading on 135.
   
• Short term trend is slightly bullish as long as support 132.70 (100- day MA) holds.
   
• On the lower side, any break below 132.70 will drag the pair down till 131.70 (5- day MA)/130.57 (50- day MA)/129.90 (10- day MA).The minor support is around 133.35.
   
• The major resistance is around 135 and any break above will take the pair to next level till 136.16/138.80 in the short term.
   
• The FxWirePro Hourly GBP Strength index at 11:00 GMT stood at 186 (Highly bullish) and JPY at -115 (Highly bearish).So it is good to go short on JPY and long on GBP.
  
  It is good to buy on dips around 134.50 with SL around 133.35 for the TP of 136.15/138

Resistance

R1-136.15

R2-138

R3-138.852

Support               

S1-133.35

S2- 132.70                                                                                              

S3- 131.75