FxWirePro: Buy GBP/JPY above 146.85

Major resistance - 146.85 (trend line resistance)

GBP/JPY has halted its two days of loosing streak and shown a minor recovery of more than 0 pips from low of 146.18. The pair declined more than 300 pips after making a temporary top around 149.48. it is currently trading around 146.80.

Any break above trend line resistance at 146.85 confirms minor intraday bullishness , a jump till 147.52 (200- H MA) and any convincing close above 200- H MA will take the pair till 148.16 (61.8%fib)/149.50-70. The decline from 156.60 will get completed at 139.87 only if pair breaks convincingly above 149.70.

On the lower side , near time support is around 146 and any violation below targets 145.32 (61.8% fib)/144.65/143. It should break below 142.778 for further weakness.

It is good to buy above 146.85 with SL around 146.50 for the TP of 147.53