GBP/JPY Trade idea

• Major support - 126.60 (trend line joining 125.98 and 126.26).
   
• Minor resistance- 127.65 (55- 4H EMA).
   
• GBP/JPY has once again retreated after jumping till 127.68. It is currently trading around 126.95.
   
• On the higher side, resistance is around 128.60 any violation above will take the pair to next level till 129.50/130 in the short term.
   
• Short term weakness can be seen only below 126.60 and any indicative break below targets 126.25/125.90.

It is good to buy on dips around 127.25-30 with SL around 128 for the TP of 125.90.

Resistance

R1-127.68

 

R2-128.60

 

R3-129.50

 

Support               

 

S1-126.60

 

S2-125.90

 

S3- 124.80