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FxWirePro: GBP/JPY Trade Idea

  • GBP/JPY has declined slightly after hitting high of 154.58 yesterday. The pair dipped till 153.74 and shown a minor jump from the level. It is currently trading around 153.61.
     
  • Intraday bias is bullish as long as support 153.25 holds. The pair has broken double top formed at 153.61 and this confirms minor bullishness.
     
  • The pair is facing major support at 153.70 (resistance turned into support) and any break below will drag the pair to next level till 153.25 (4H Kijun-Sen)/152.70 (55- 4H EMA)/152.08). Short term bullish invalidation is only below 150.80.
     
  • The major resistance is around 154.60 and any break above will take the pair till 155/155.84 (161.8% fibo).

It is good to buy on dips around 153 with SL around 152 for the TP of 155/155.80.

Resistance
 

R1-154.60
 

R2 -155
 

R3-155.80
 

Support               
 

S1-153.25
 

S2-152.70
 

S3- 152

 

 

 

 

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