FxWirePro
Long

GBP/JPY: Buy above break out (131.70)

FX:GBPJPY   British Pound / Japanese Yen
335 3 10
Major resistance – 132.40 (23.6% retracement of 143.23 and 129.06 and also 14 day EMA ).

The pair has recovered sharply till 131.65 after making a low of 130.34 at the time of writing. It is currently trading around 131.53.

Cable retreated from the high of 1.3185 on account of weak oil             price and strong dollar.

In the hourly chart GBP/JPY             is facing minor trend line resistance at 131.70 ( trend line joining 132.26 and 132.01) and nay break above will take the pair till 132.40.The apir should close above 132.40 for further jump till 133.50/134.05.

On the lower side, the pair should break below 130 for minor weakness. Any break below 130 will drag the pair till 128.60/126.69.

It must break above 140 for the short-term trend reversal.


It is good to sell on rallies around 131.80 with SL around 132.50 for the TP of 128.65/126.69

Please make up you mind, short or long. I am long on trend reversal, not interested in a quick buck.
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long
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Sorry, I am confused. "Buy above break out (131.70)" ....or.... "It is good to sell on rallies around 131.80" ??? Thanks!
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