FxWirePro: GBP/JPY trades higher, good to buy on dips
Major resistance – 135 The pair breaks above major psychological resistance 135 and slightly jumped till 135.20 at the time of writing. It is currently trading on 134.89. Short term trend is slightly bullish as long as s…
The pair breaks above major psychological resistance 135 and slightly jumped till 135.20 at the time of writing. It is currently trading on 134.89.
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 600 GMT stood at 94 (slightly bullish) and JPY at -133 (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
