- Major resistance- 146 (61.8% retracement of 148.45 and 142.17)
- Major support - 143.50 (21- day EMA)
- GBP/JPY taken support near 21- day EMA and jumped sharply from that level. It is currently trading around 144.54.
- Short term trend is still bullish as long as support 143.50 holds.
- Any violation below 143.50 will drag the pair down till 142/140 in the short term.
- On the higher side, any break above 145 will take the pair to next immediate resistance at 145.40 (Jan 3rd 2017 high)/146/147 (trend line joining 163.89 and 148.45).
It is good to buy on dips around 144.40-144.50 with SL around 143.50 for the TP of 146/147
Resistance R1-145.40
R2-146
R3- 147
Support
S1-143.50
S2-142
S3- 140.30
