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FxWirePro: GBPJPY holds well above 130 level, jump till 132 likely

Major support - 128.80

 

GBPJPY has broken major resistance 130 after a long consolidation. The jump was mainly due to a massive jump in GBPUSD of more than 150 pips from low of 1.21084. Any break above 1.2300 will take the pair to next level till 1.2360.

 

The pair is holding well above 130 and jumped till 130.69. Any convincing break above 131.08 will take the pair to next level till 131.83/132.20/132.90.

 

On the flip side, near term support is around 129.47-60 and any dip below will drag the pair to the next level till 129.23/128.75 is possible. The major support is around 128.

 

It is good to buy on dips around 129.65-70 with SL around 129 for the TP of 131.80.

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