FxWirePro: GBP/JPY faces strong support at 135, good to buy on dips
12 September 2016, 09:49
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- Major support – 135.09 (38.2% retracement of 138.83 and 129.06).
- Major resistance – 137.66 (55-day EMA).
- GBP/JPY has retreated after making a high of 137.13. It is currently trading
around 136.08.
- On the lower side, major support is around 135.09 (38.2% retracement of
138.83 and 129.06) and any break below will drag the pair to next immediate
support at 133.99/13 in the short term.
- The pair is facing strong resistance at 55- day EMA and any break above
targets 138/138.85. that level. Any break above 136.55 (5- day MA) will take the
pair to next level till 137.10/137.65. It should close above 138.85 for further
bullishness.
It is good to buy on dips around 136 with SL around 135 for the TP of 136.90/138.
