FxWirePro: GBP/JPY Trade Idea

GBP/JPY is trading weak for fifth consecutive day and lost more than 300 pips from high of 147.15 made previous week .GBP was trading weak against all majors in previous week after weak economic data and dovish rate hike by BOE. It is trading well below 1.3000 level. But there was broad based buying USD after hawkish Fed and rising trade war between US and China.The pair hits intraday low of 144.01 and is currently trading around 144.30.

The near term resistance is around 144.60 (55- H EMA) and any break above will take the pair to next level 145/145.61 (200-H MA).

On the lower side, near term support is around 143.75 and any break below will take the pair to next level till 143/141.50.

It is good to sell on rallies around 144.85-90 with SL around 146 for the TP 143/141.50.    

Resistance

R1- 144.60
 

R2 –145

R3- 145.61

Support               

S1- 143.75

S2- 143

S3- 141.50