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FxWirePro: GBP/JPY Trade Idea

  • GBP/JPY jumped almost more than 100 pips from the low of 148.95 made yesterday. The minor jump in the pair was mainly due to extreme bullishness of GBP after less hawkish US fed monetary policy. The pair hits high of $150.31 and is currently trading around 149.38.
     
  • The major resistance is around 150.66 (50- day MA) and any break above targets 150.93 (Feb 21st 2018 high) 151.50/152.15. The major trend reversal only above 150.95.
     
  • On the lower side, near term support is around 149.05 and any close below will drag the pair till 148/147.50 (200- day MA)/146.95/146.40.

It is good to sell on rallies around 150.25-30 with SL around 150.75 for the TP of 148/147.70.

Resistance
 

R1-150.66
 

R2 – 150.95
 

R3-151.50

Support               
 

S1-149
 

S2-148
 

S3- 147.50

 

 

 

 

 

 

 

 

 

 

 

  • Market Data
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