FxWirePro: GPB/JPY Trade Idea

• GBP/JPY is consolidating after hitting a high of 142.33.The pair has broken trend line resistance around 141.50 on Friday and is currently trading around 142.07.
   
• Break above trend line resistance confirms minor bullishness, a jump till 143.80 is likely. Short term is trend is slightly as long as support 138 holds. Intraday trend is bullish as long as support 141.30 holds.
   
• On the higher side, near term resistance is around 142.80 (61.8% retracement of 145.40 and 138.67) and any break above will take the pair till 143.80 (200- 4H MA)/145.40 (May 25th 2017 high).
   
•  The near term support is around 141.40 (23.6% retracement of 138.67 and 142.33) and any break below will drag the pair till 140.60 (4H Kijun-Sen)/138.65.

It is good to buy on dips around 141.75-80 with SL around 141 for the TP of 143.80

Resistance
                   

R1-142.80
                               

R2 -143.80
 

R3- 145.40
 

Support   
 

S1-141.40
 

S2-140.60

 

S3-138.65