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FxWirePro: Buy GBPJPY on dips
Major resistance- 137.20
GBPJPY has broken major resistance at 137.20 and hits an intraday high of 137.32 after a long consolidation. The pair was trading between 137.179 and 135.81 for the past 5 days. The slight easing of trade war tension between the US and China is supporting prices at a lower level. The jump started after US Treasury Secretary said yesterday that the US-China trade deal 90% almost complete. The yen is trading lower against all majors as demand for Safe-haven declined. USDJPY has recovered more than 100 pips from the low.
On the higher side, the pair is trading is slightly above 137.20 and this confirms minor bullishness and a jump till 137.75/138.30 is possible. Minor trend reversal only above 138.30.
The near term support is around 136.80 (300- H EMA) and any convincing break below will drag the pair to the next level till 136.45/135.80. Any bearish continuation only below 135.38.
It is good to buy on dips around 137.15-20 with SL around 136.60 for the TP of 138.30.