FxWirePro: GBP/JPY upside capped by trend line resistance, break above targets 145.40
GBP/JPY formed a bottom around 141.48 slightly below 50- day MA and jumped sharply from that level. The pair hits high of 143.95 at the time of writing and is currently trading around 143.69. It has broken slightly above…
GBP/JPY formed a bottom around 141.48 slightly below 50- day MA and jumped sharply from that level. The pair hits high of 143.95 at the time of writing and is currently trading around 143.69.
It has broken slightly above 21- EMA but it should break above trend line resistance around 144.15 for further upside. Any break above trend line will take the pair till 145 (50% retracement of 148.11 and 141.48)/145.45 (May 25th 2017 high). Any break above 145.45 will take the pair till 148.11 recent high made on May 10th 2017.
On the lower side, near term support is around 142.60 (55- EMA) and any break below will drag the pair down till 141.50/140.30 in the short term.
It is good to buy only above 144.15 with SL around 143 for the TP of 145/147.
