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GBP/JPY trade idea

  • Major resistance- 137.40 (hourly Kijun-Sen)
     
  • Major support – 135.20 (trend line joining 139.24 and 135.96).
     
  • The pair has made a low of 135.52 at the time of writing and recovered slightly after BOJ  disappoints markets by keeping interest rates unchanged at -0.1%.
     
  • BOJ has announced further easing measures to boost the economy.
     
  • Technically intraday trend is weak as long as resistance 137.40 holds . Any break above 137.40 will take the pair to next level at 138.20/139.25/140. Short term trend reversal only above 140 level.
     
  • On the lower side, any break below 135.20 will drag the pair down till 134/133.

It is good to sell on rallies around 136.60-65 with SL around 137.40 for the TP of 135.60/135

R1- 137.40

 R2-138.20

 R3-139.25

Support

S1-136

S2-135

S3-134

 

 

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