FxWirePro:GBP/JPY trade idea

• Major resistance- 145.20


• Major support – 142.40 (resistance turned into support)
• The pair is consolidating in narrow range between 145.20
  and 142.50 for the three trading session .It has broken major resistance at 145.20 and is currently trading around 145.48.


• GBP/JPY slightly dipped till 142.50 today morning and jumped sharply from that level. Any break below 142.50 will drag the pair down till 140.85 (10- day MA)/138.50 (Nov 29th low).
   
• On the higher side, any break above the high formed Dec 1st 2016 will take the pair till 146.76 (161.8 retracement of 145.20 and 142.50)/148/150.
   
• Short term weakness only below 135.
  
  It is good to buy on dips around 145-145.20 with SL around 143.80 for TP of 146.75/148.

Resistance                                                                      R1-146.75

R2-148        

R3- 150

Support               

S1-142.40

S2-140.85

S3- 138.50