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FxWirePro:GBP/JPY struggles to break below 55- day EMA, good to buy on dips

  • Pattern formed – Triple bottom (Near 141)
     
  • Major resistance - 142.45 (trend line joining 144.78 and 144.69)
     
  • Major Intraday support – 141 (55- day EMA)
     
  • GBP/JPY has once again declined after declining till 141.19 at the time of writing. It has taken support near 55- day EMA and minor weakness can be seen only below that level.
     
  • The pair is facing strong trend line resistance at 142.45 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 140.95 (Feb 14th low) - 141 will drag the pair till 139.58 (200- day MA).


    It is good to buy on dips 141.85-141.90 with SL around 141 for the TP of 144.13/144.78.
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