FxWirePro: EUR/GBP Shooting star pulls back major trend in range, maintain directional hedges as bears on verge of dragging 4-months lows
FxWirePro: GBPJPY hits 3- day high, jump till 131.08 likely
Major support - 128.26 (200- H MA)
Major resistance- 129.70
GBPJPY is consolidating between 129.67 and 128.25 for the past three days. The jump was mainly due to good recovery in GBPUSD. It has recovered more than 80 pips from low of 1.21124. Any break above 1.2180 will take the pair to next level till 1.2250.
The pair has shown a minor decline after hitting a high of 129.665. Any convincing break above will take the pair to next level till 130.06-130.30. 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 128.70.
It is good to buy on dips around 129.20-25 with SL around 128.60 for the TP of 130.30.