FxWirePro
Long

Buy GBP/JPY above break out 134

FX:GBPJPY   British Pound/Japanese Yen
371 0 16
Major resistance – 134 (90 H EMA).

The pair has recovered sharply from the low of 132.23 on Friday. It is currently trading around 133.46.

In the hourly chart, GBP/JP Y is trading slightly well above Tenkan-Sen (133.30) and Kijun-Sen (132.99).

On the higher side, the pair should break above 134 for further bullishness. Any break above 134 will take the pair till 135.25/135.50/136.25.

It must break above 140 for a short-term trend reversal. The support is around 132.20 (Aug 6th low) and break below will drag the pair till 131.60/130.

It is good to buy above 134 with SL around 133 for the TP of 135.50/136.25.
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