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FxWirePro:GBP/JPY trade idea

  • Major resistance- 146 (61.8% retracement of 148.45 and 142.17)
     
  • Major support - 143.50 (21- day EMA)
     
  • GBP/JPY taken support near 21- day EMA and jumped sharply from that level.  It is currently trading around 144.54.
     
  • Short term trend is still bullish as long as support 143.50 holds.
     
  • Any violation below 143.50 will drag the pair down till 142/140 in the short term.
     
  • On the higher side, any break above 145 will take the pair to next immediate resistance at  145.40 (Jan 3rd 2017 high)/146/147 (trend line joining 163.89 and 148.45).

    It is good to buy on dips around 144.40-144.50 with SL around 143.50 for the TP of 146/147

Resistance                                                                    R1-145.40

R2-146

R3- 147

Support      

S1-143.50

S2-142

S3- 140.30

 

 

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