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FxWirePro: GBPJPY downside capped by 200-H MA, good to buy on dips 

Major support - 128.26 (200- H MA)

Major resistance- 130.06

GBPJPY has once again recovered sharply after hitting a low of 128.26. The pair is holding above 200-H MA for the past four trading days and hits 5- day high of 129.67 yesterday and is currently trading around 129.31.

The pair is slightly bullish and a jump till 130.06-130.30 cannot be ruled out. Minor trend reversal only above 130.30 and break above targets 131.08/132.20/132.95.

On the flip side, an hourly close below 128.26 confirms weakness for the day and a dip till 127.50/126.54 is possible. The minor support is around 129.10-15.

It is good to buy on dips around 128.75-80 with SL around 128.25 for the TP of 130.06.
 

By Rangarajan Hariharan
  • Market Data
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