GBP/JPY downside capped by 55- day EMA, good to buy on dips
Major resistance - 142.40 (trend line joining 144.73 and 144.13)
Major Intraday support – 141 (55- day EMA)
GBP/JPY shown huge decline after jumping till 142.56 yesterday. The pair declined slightly below 141 level and started to recover sharply from the low of 140.97. It has taken support near 55-day EMA and minor weakness can be seen only below that level.
The pair is trading slightly above trend line resistance 142.40 and this confirms minor bullishness , a jump till 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 141.75 will drag the pair till 141.01 (Feb 10th low)/139.80 (200- day MA).
It is good to buy on dips 142.20-142.25 with SL around 141 for the TP of 144.13/144.78.
Major Intraday support – 141 (55- day EMA)
GBP/JPY shown huge decline after jumping till 142.56 yesterday. The pair declined slightly below 141 level and started to recover sharply from the low of 140.97. It has taken support near 55-day EMA and minor weakness can be seen only below that level.
The pair is trading slightly above trend line resistance 142.40 and this confirms minor bullishness , a jump till 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 141.75 will drag the pair till 141.01 (Feb 10th low)/139.80 (200- day MA).
It is good to buy on dips 142.20-142.25 with SL around 141 for the TP of 144.13/144.78.
