GPB/JPY trades above trend line resistance, targets 143.80
GBP/JPY jumped sharply after hitting a low of 138.67.The pair has broken trend line resistance around 141.50 and hits the high of 142.18 at the time of writing. It is currently trading around 141.96. Break above trend li…
GBP/JPY jumped sharply after hitting a low of 138.67.The pair has broken trend line resistance around 141.50 and hits the high of 142.18 at the time of writing. It is currently trading around 141.96.
Break above trend line resistance confirms minor bullishness, a jump till 143.80 is likely. Short term is trend is slightly as long as support 138 holds.
On the higher side, near term resistance is around 142.80 (61.8% retracement of 145.40 and 138.67) and any break above will take the pair till 143.80 (200- 4H MA)/145.40 (May 25th 2017 high).
The near term support is around 141.70 (Cloud bottom) and any break below will drag the pair till 141.20 (Cloud top)/140.40 (4H Kijun-Sen).
It is good to buy on dips around 141.75-80 with SL around 141 for the TP of 143.80
