FxWirePro:GBP/JPY struggles to break below 55- day EMA, good to buy on dips
Pattern formed – Triple bottom (Near 141) Major resistance - 142.45 (trend line joining 144.78 and 144.69) Major Intraday support – 141 (55- day EMA) GBP/JPY has once again declined after declining till 141.19 at the tim…
Major resistance - 142.45 (trend line joining 144.78 and 144.69)
Major Intraday support – 141 (55- day EMA)
GBP/JPY has once again declined after declining till 141.19 at the time of writing. It has taken support near 55- day EMA and minor weakness can be seen only below that level.
The pair is facing strong trend line resistance at 142.45 and any close above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 140.95 (Feb 14th low) - 141 will drag the pair till 139.58 (200- day MA).
It is good to buy on dips 141.85-141.90 with SL around 141 for the TP of 144.13/144.78.
