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FxWirePro: GBP/JPY holds above 140 level despite Brexit uncertainty, good to buy on dips

GBPJPY was trading highly volatile on account of Brexit uncertainty. The pair recovered sharply more than 300 pips from low of 137.36 made after Brexit deal got rejected in Parliament. But UK government survived no confidence vote after historic Brexit defeat. Theresa MAY won in narrow margin 325 votes to 306 votes. GBP was trading higher against all majors with Cable holding well above 1.2800 level. GBPJPY hits high of 140.77 and is currently trading around 140.19.

 

On the higher side near term resistance is around 141 and any violation above targets 142.09 (55- day EMA)/143.

 

The near term support is around 139.40 (20- day MA) and any break below will drag the pair to next level till 138.90/138. The pair should break below 137.35 for further weakness.

 

It is good to buy on dips around 139.40 with SL around 138.80 for the TP of 141/142.  

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