FxWirePro: GBPJPY Trade Idea

• GBPJPY is continuing its weakness for second consective days and has declined til 144.38. The pair dipped more than 2.5% form the high of 148.11 made in previous week. GBP was trading weak against all majors on account of strong US dollar index. US dollar index has broken major resistance 95.13 and is trading around 95.18. GBPJPY hits intraday low of 144.58 and is currently trading around 144.75.
   
• The pair is trading slightly below 145 and it confirms minor trend reversal and a decline till 143 is likely.
   
• On the higher side, near term resistance is around 146 (support turned into resistance) and any break above will take the pair to next level till 147.10/148. It should break above 148.11 for further jump till 150.

It is good to sell on rallies around 146-146.10 with SL around 147.10 for the TP of 143.25.    

Resistance

R1- 146.10
 

R2 –147
 

R3- 148.11

Support               
 

S1- 145
 

S2-143.20
 

S3-140