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FxWirePro: GPB/JPY trades above trend line resistance, jump till 143.80 likely

Tuesday, June 20, 2017 6:19 AM UTC

GBP/JPY is consolidating after hitting a high of 142.33.The pair has broken trend line resistance around 141.50 on Friday and closed above that level for past two trading session. It is currently trading around 142.16.
JPY was trading weak against all major after positive comments from Fed Top official Dudley. Any consecutive close above trend line resistance confirms minor bullishness, a jump till 143.80 is likely. Short term is trend is slightly as long as support 138 holds. Intraday trend is bullish as long as support 141.30 holds.
On the higher side, near term resistance is around 142.80 (61.8% retracement of 145.40 and 138.67) and any break above will take the pair till 143.80 (200- 4H MA)/145.40 (May 25th 2017 high).
The near term support is around 141.40 (23.6% retracement of 138.67 and 142.33) and any break below will drag the pair till 140.60 (4H Kijun-Sen)/138.65.

It is good to buy on dips around 141.75-80 with SL around 141 for the TP of 143.80

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FxWirePro: GPB/JPY trades above trend line resistance, jump till 143.80 likely

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