GBP/JPY trades well above 34 day EMA, jump till 132 is possible
Monday, November 7, 2016 7:40 AM UTC
- Major intraday resistance -129.16 (34 day EMA).
- Major support – 126.40 (trend line joining 125.91 and 126.12).
- GBP/JPY has broken major resistance 129.15 (34- day EMA) and jumped till 130.23 at the time of writing. It is currently trading around 129.87.
- Any close above 34- day EMA confirms minor bullishness . So a jump till 132 can be seen.
- On the lower side, 128.50 (daily Tenken-Sen) will be acting as short term support and any indicative break below 128.50 will drag the pair down till 80 in the short term. The minor support is around 127.50 (21- day MA).
It is good to buy on dips around 129.40-45 with SL around 128.50 for the TP of 132.
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