GBP/JPY trades well above 10- day MA, jump till 134.25 likely
Pattern formed – double bottom
Major resistance – 131.80
The pair has broken 10- day MA at 131.80 and jumped till 132.26 at the time of writing. It is currently trading around 132.15.
GBP/JPY is trading well above short term moving average 5- day MA (130.89) and 10- day MA (131.80). But it is trading slightly below daily Tenkan-Sen (132.45). Any break above Tenken-Sen will confirm minor bullishness, a jump till 134.25 (daily Kijun-Sen) /135.68 (55- day EMA) is possible.
GBP/JPY’S support is around 129.60 and any minor weakness can be seen only below that level. Any violation below 129.60 will drag the pair down till 128.60/126.50 in the short term. The minor support is around 131.80/130.80
It is good to buy on dips around 132 with SL around 130.80 for the TP of 134.20/135.60
Major resistance – 131.80
The pair has broken 10- day MA at 131.80 and jumped till 132.26 at the time of writing. It is currently trading around 132.15.
GBP/JPY is trading well above short term moving average 5- day MA (130.89) and 10- day MA (131.80). But it is trading slightly below daily Tenkan-Sen (132.45). Any break above Tenken-Sen will confirm minor bullishness, a jump till 134.25 (daily Kijun-Sen) /135.68 (55- day EMA) is possible.
GBP/JPY’S support is around 129.60 and any minor weakness can be seen only below that level. Any violation below 129.60 will drag the pair down till 128.60/126.50 in the short term. The minor support is around 131.80/130.80
It is good to buy on dips around 132 with SL around 130.80 for the TP of 134.20/135.60