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FxWirePro: GBPJPY Short-term outlook
GBPJPY was one of the best performers this month and jumped more than 900 pips on the strong Pound sterling. The pair has formed double bottom around 126.50 and shown major pullback. Short term trend is bullish as long support as long as 133.85 holds. The pair hits an intraday high of 135.73 and is currently trading around 135.42.
Technically in the daily chart, the pair is trading well above short-term (10 and 21- day MA) and medium-term (50-day MA and 100-day MA) and a jump till 138/139.30 is possible.
The near term minor support is around 134.25 and any violation below will drag the pair till 133.80. Any violation below 133.80 will drag the pair till 133-132.78.
It is good to buy on dips around 135 with SL around 134 for the TP of 138/139.30.