GBP/JPY: Buy on dips

• Major resistance- 133.30.
   
• Major support – 131.95 (9-day EMA).
   
• The pair formed a double top around 133.30 and declined from that level. It is currently trading around 132.66.
   
• Minor trend is slightly bullish as long as support 131.95 (9 day EMA) holds.
   
• Any break below 131.95 will drag the pair till 131.40 (10- ay MA)/131in the short term. The minor support is around 132.47.
   
• On the higher side, further upside can be seen above high made yesterday 133.30 and break above targets 134.05/135.25.

It is good to buy on dips around 132.65-70 with SL around 131.95 for the TP of 133.30/134.05