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GBP/JPY: Bullish Dip-Buy Setup at 215 as 55 EMA Supports; 217–218 Break in Focus 
- RES 4 : 122.35
- RES 3: 121.75 (61.8% retracement of 125.27 and 116.07)
- RES 2: 120.75 (61.8% retracement of 121.75 and 119.21)
- RES 1 : 120.32 (7 day 4 HEMA)
PRICE: 120.37 @10:02 GMT
- SUP 1:119.56 (38.2% retracement of 116.07 and 121.72)
- SUP 2 :118.40 (25th Aug low)
- SUP 3: 118
- SUP 4: 116.07 (Aug 24th 2015)
USD/JPY has recovered till 120.68 after making a low of 119.21. Overall trend is still weak as long as resistance 121 holds.
Any break above 120.75 will take the pair further up till 121.15/121.40 in short term.
The minor support is around 119.80 and break below extend losses till 119.20/118.25.
Bearish invalidation only above 121.75.
It is good to sell on rallies around 120.70 with SL around 121.15 for the TP of 119.30.
