FxWirePro:GBP/JPY trades slightly above 21- day EMA, jump till 144 likely
Wednesday, February 22, 2017 7:15 AM UTC
- Major resistance – 142.05 (trend line joining 144.78 and 142.80)
- Major support – 139.40 (200- day MA)
- GBP/JPY has broken 21- day EMA at 141.50 and jumped till 142.03 from that level. Short term trend is slightly bullish as long as support 141 holds.
- The pair is facing strong trend line resistance at 142.05 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 141 (55- day EMA) and any break below will drag the pair till 140/139.35 (200- day MA)/ 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
It is good to buy on dips 141.55-141.60 with SL around 141 for the TP of 142.35/144.10.