FxWirePro
Long

GBP/JPY faces strong resistance at 138.85, good to buy on dips

FX:GBPJPY   British Pound/Japanese Yen
261 0 9
Major resistance- 137.95 ( trend line joining 138.83 and 138.32).

Major support – 137.50 (55- H EMA ).

The pair has taken support near 55- H EMA and jumped from the level. It is currently trading around 138.03.

GBP/JPY             breaks minor trend line resistance around 137.95 and jumped till 138.17 at the time of writing.

On the higher side, major resistance is around 138.85 and any break above targets 140/142.40. Any break below 55- H EMA will drag the pair to next immediate level till 137.08 (90- HEMA)/136.25 (9 –W EMA ).

Short term weakness only below 136.25 level.

It is good to buy on dips around 138 with SL around 137.50 for the TP of 138.85/140.


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