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FxWirePro: GBP/JPY Trade Idea

Major resistance- 145 (almost double top)

 

GBPJPY is consolidating after a forming a minor top around 145.04. The pair declined till 144.08 yesterday and shown minor recovery. It hits intraday high of 144.90 and is currently trading around 144.37.

 

Any break above 145 confirms minor bullishness and a jump till 146.50/147 is possible.

 

On the lower side, near term support is around 144 and any break below will drag the pair to next level till 143/142.48 (Feb 19th low). Any major weakness only below 142.48.

 

It is good to buy above 145 with SL around 144.30 for the TP of 146.40.

 

Resistance

 

 R1- 145

 

R2 -146.50

 

R3- 147

 

Support               

 

S1- 144

 

S2- 143

 

S3- 142.48

 

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