- Major resistance – 134.40 (7 day EMA).
- The pair has declined sharply from the high of 134.02 yesterday. It is currently trading around 133.11.
- In the hourly chart GBP/JPY is trading slightly well below Tenkan-Sen (133.25) and Kijun-Sen (133.45).
- On the higher side the pair should break above 134.40 for further bullishness. Any break above 134.40 will take the pair till 135.25/135.50/136.25.
- It must break above 140 for the short-term trend reversal. The support is around 132.20 (Aug 6th low) and break below will drag the pair till 131.60/130.
It is good to buy above 134 with SL around 133 for the TP of 135.50/136.25.
