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GBP/JPY Trade idea

  • Major resistance -132 (90 H EMA)
     
  • Major support – 129.80 (trend line joining 128.60 and 129.57)
     
  • The pair has retreated sharply after making a high of 131.97. It is currently trading around 130.03.
     
  • GBP/JPY have declined till 129.57 yesterday and slightly recovered from that level.
     
  • The intraday trend is weak as long as resistance 131.25 (55 H EMA) holds.
     
  • Any indicative break above 132 will take the pair to next level at 132.70/133.90/135.32 (200 HMA).
     
  • On the lower side, support is around 129.80 and break below targets 128.60/128.10/126.55.

Indicators :

CCI(50)- sell

ADX- Neutral

It is good to sell below 129.80 with SL around 131.25 for the TP of 128.20/126.60

 R1- 131.25.

 R2-132

 R3-132.70

Support

S1- 129.80

S2-128.60

S3-126.55

 

 

 

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