GBP/JPY Trade Idea

• Major resistance – 128.50 (trend line joining 128.17 and 128.41)
   
• Major support - 127.50 (100- HMA)
   
• The pair has taken support near 100- HMA and jumped till 128.27 at the time of writing. It is currently trading around 128.20.
   
• On the higher side, any break above trend line resistance 128.50 will take the pair till 129.50/130.
   
• The major support for the intraday stands around 127.50 and any break below will drag the pair till 126.60/125.80.

It is good to buy on dips around 128 with SL around 127.50 for the TP of 129.50

Resistance

R1-128.50

R2-129.50

R3-130

Support               

S1-127.50

S2-126.60

S3- 125.8