FxWirePro: GBP/JPY recovers sharply from the low of 139.62, good to buy on dips
Tuesday, February 21, 2017 7:34 AM UTC
- Major resistance - 142.15 (trend line joining 144.78 and 144.69)
- Major support – 139.40 (200- day MA)
- GBP/JPY has taken support near 200 –day MA at 139.50 and recovered sharply from that level. Short term trend is slightly bullish as long as support 139.40 holds.
- The pair is facing strong trend line resistance at 142.25 and any close above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
- On the lower side, any break below 139.40 (200- day MA) and any break below will drag the pair till 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
It is good to buy on dips 140.55-140.60 with SL around 139.60 for the TP of 142.25/144.10.