FxWirePro:GBP/JPY trades higher, good to buy on dips
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…
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.
