- GBP/JPY trades with a bullish bias on weekly charts.
- The pair is trading an extremely tight range, consolidating gains of the past two sessions.
- The pair has broken above 50-DMA on dailies and we see break of major trendline resistance.
- Momentum studies are bullish, we see scope for further upside.
- Major support levels - 133.61 (1h 20-SMA), 133, 132.35 (weekly 20-MA).
- Major resistance levels - 134, 136 (110-EMA).
- FxWirePro's Hourly Currency Strength Index at 0709 GMT stood as follows: GBP: +102.79, JPY: -78.9389
Recommendation: Good to go long on dips around 133.70, SL: 132.75, TP: 135.25
