FxWirePro: GBP/JPY trade idea

• GBP/JPY has shown a further weakness yesterday and lost almost 140 pips on account of weak UK economic data.UK economic data released this week was weaker than expected. UK CPI, wage growth and UK retail sales all three misses estimates. This would prevent BOE to hike rates in August month. The pair hits intraday low of 145.98 and shown a minor jump from that level. Cable lost more than 100 pips yesterday and hits 10 month low.It is currently trading around 146.27.
   
• The pair is facing strong resistance at 147 (34-day EMA) and any break above will take the pair till 147.30 (55-day EMA)/148.20 (100- day MA).
   
• On the lower side, near term support is around 146 and any break below will take the pair to next level till 146/145.
  
  It is good to sell on rallies around 146.65-70 with SL around 147.30 for the TP 145/144.35.    

Resistance

R1- 146.65

R2 –147

R3- 147.30

Support               

S1- 146 

S2- 145

S3-144.38