GBP/JPY Trade Idea

• Major resistance- 132.25 (Aug 18th 2016 high).
   
• Major support -131.15 (200 HMA).
  
  Hourly chart (CMP- 131.81)
   
• Tenken-Sen -131.68
   
• Kijun-Sen- 131.72
   
• GBP/JPY has broken major resistance 132.25 and jumped till 132.32 at the time of writing. It is currently trading around 132.11.
   
• The intraday trend is bullish as long as support 131 (200 HMA) holds. The pair is trading slightly above cloud and any weakness can be seen only below 131.15 (200 HMA and cloud bottom).
   
• On the higher side, any break above 132.25 will take the pair to next level till 133/134.05/135.25 in the short term .
   
• Any break below cloud bottom will drag the pair to next immediate support at 130/128.60.

It is good to buy above 132.25 with SL around 131 for the TP of 134.05.

Resistance

R1- 132.50

 R2-133.25

 R3-134.05

Support

S1-131

S2-130

S3-128.60