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 143.78 yesterday and shown a good recovery on positive Brexit news. UK PM Theresa May has once again delayed Brexit vote and EU sources revealed that Brexit could be delayed by another 2 years. It hits intraday high of 144.86 and is currently trading around 144.70.

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 143.55 (50% fib) 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- 143.75

S2- 143

S3- 142.48