FxWirePro: GBP/JPY trade idea

• Major support- 136.45 (trend line joining 138.84 and 137.75).
   
• The pair has taken support near trend line and jumped till 137.11. It is currently trading around 136.86.
   
• GBP/JPY shown a minor dip below 200- day MA but once again jumped slightly above that level. It has taken support near 136.45 low formed on Jan 16th 2017.
   
• On the lower side any break below the trend line will confirm further weakness , a decline till 133.94 likely.
   
• The near term resistance is around 138 (23.6% retracement of 142.80 and 136.45) and any break above targets 138.45 (21- day EMA)/ 138.91/139.60 (100- day EMA).
  
  It is good to buy on dips around 136.55-60 with SL around 136 for the TP of 138

Resistance                                                                  R1-138                    

R2 -138.45

R3-138.91

Support                   

S1-136.45

S2-133.95

S3-132