GBP/JPY Trade idea

14 September 2016, 02:32
Eko Rediantoro
0
17

  • Major support – 135.09 (38.2% retracement of 138.83 and 129.06).
     
  • Major resistance – 137.66 (55-day EMA).
     
  • GBP/JPY has once again recovered after making a low of 135.17. It is currently trading around 135.90.
     
  • 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 10- day MA and any break above targets 137.15/138.It should close above 138.85 for further bullishness.

    It is good to buy on dips around 135.85-90 with SL around 135 for the TP of 136.90/138.

Resistance
 

R1- 136.55
 

R2-137.15

R3-138
 

Support
 

S1-135.09
 

S2-134
 

S3-133

 

 


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