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GBP/JPY: Buy above break out 134

Monday, August 8, 2016 5:37 AM UTC

Major resistance – 134 (90 H EMA).
The pair has recovered sharply from the low of 132.23 on Friday. It is currently trading around 133.46.
In the hourly chart,GBP/JP Y is trading slightly well above Tenkan-Sen (133.30) and Kijun-Sen (132.99).
On the higher side, the pair should break above 134 for further bullishness. Any break above 134 will take the pair till 135.25/135.50/136.25.
It must break above 140 for short term trend reversal. The support is around 132.20 (Aug 6th low) and a break below will drag the pair till 131.60/130.

It is good to buy above 134 with SL around 133 for the TP of 135.50/136.25.

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GBP/JPY: Buy above break out 134

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