- GBPJPY declined slightly after hitting high of 142.90. The pair hits low of 142.39 for the intraday. It is currently trading around 142.22.
- The downside is capped by minor trend line support at 142.30 (trend line joining 141.56 and 141.80) and any break below will drag the pair down till 142.05 (23.6% retracement of 139.30 and 142.90)/141.40 (100- HMA).Minor bearishness can be seen below 141.40.
- On the higher side, major resistance is around 143.20 and any break above will take the pair till 144/145. Overall bearish invalidation only above 148.11.
It is good to buy on dips around 142.15-142.20 with SL around 141.50 for the TP of 144/145.
Resistance
R1- 143.20
R2 144
R3- 145
Support
S1-142.30
S2-142.05
S3-141.50
