FxWirePro: GBP/JPY trade idea

• Major resistance – 142.05 (trend line joining 144.78 and 142.80)


• Major support – 139.40 (200- day MA)
   
• GBP/JPY has broken 21- day EMA at 141.50 and jumped till 142.03 from that level. Short term trend is slightly bullish as long as support 141 holds.
   
• The pair is facing strong trend line resistance at 142.05 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 141 (55- day EMA) and any break below will drag the pair till 140/139.35 (200- day MA)/ 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
  
  It is good to buy on dips 141.55-141.60 with SL around 141 for the TP of 142.35/144.10.

Resistance                                                                      

R1-142.05                           

R2 -144.13

R3- 144.78

Support                   

S1-141

S2-140

S3- 139.35