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- Pattern formed – double bottom
- Major support – 129.60
- The pair has formed a temporary bottom around 129.60 and recovered sharply from that level. It is currently trading around 131.
- GBP/JPY’S support is around 129.60 and any minor weakness can be seen only below that level. Any violation below 129.60 will drag the pair down till 128.60/126.50 in the short term.
- On the upper side , resistance is around 131.50 and any break above targets 132.23 (10- day MA) /132.88 (daily Tenken-Sen).Short term bullishness only above 134.23 (21- day MA).
It is good to buy on dips around 130.35-40 with SL around 129.60 for the TP of 131.45/132.20
