FxWirePro: GBP/JPY trade Idea

• GBP/JPY has formed temporary top around 152.86 on Sep 21st 2017 and started to consolidate from that level. It is currently trading around 149.68.
   
• The pair has shown a major decline yesterday after weaker than expected UK PMI data. GBP/JPY declined till 149.28 and shown a minor recovery.  Short term trend is weak as long as resistance 151.60 (Sep 28th 2017 high).
   
• On the lower side, near term support is around 149 and any break below will drag the pair down till 148.14 (20- day MA)/147.09 (34- day EMA)/146.45 (daily Kijun-Sen).
   
• The near term resistance is around 151 and any break above will take the pair till 151.60/152.85. Any bullish continuation only above 152.85 level.

It is good to sell on rallies around 150.35-150.40 with SL around 151.60 for the TP of 148.40/147.10.

Resistance
               

R1- 151

 

R2 151.60
 

R3- 152.85
 

Support               
 

S1- 149
 

S2-148.15
 

S3-147.09