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Long

GBP/JPY faces strong support at 135,good to buy on dips

FX:GBPJPY   British Pound/Japanese Yen
280 0 12
Major support – 135.09 ( 38.2% retracement of 138.83 and 129.06).

Major resistance – 137.10 (10-day MA).

GBP/JPY             has taken support around 38.2% fibo level and recovered sharply from that level. It is currently trading around 136.07.

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 has broken major resistance at 10- day MA around 135.53 and slightly jumped from that level. Any break above 136.90 (5- day MA) will take the pair to next level till 138/138.85. It should close above 138.85 for further bullishness.

It is good to buy on dips around 135.80 with SL around 135 for the TP of 136.90/138.
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