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Long

GBP/JPY faces strong resistance at 132.50, good to buy on dips

FX:GBPJPY   British Pound/Japanese Yen
329 0 13
Major resistance- 132.50 (23.6% retracement of 143.23 and 129.06).

Major support -132 (hourly Kijun-Sen)

Hourly chart (CMP- 132.28)

Tenkan-Sen -132.29

Kijun-Sen- 132.04

GBP/JPY             has declined till 131. 44             yesterday and jumped from that level. It is currently trading around 132.27.

The intraday trend is bullish as long as support 131.20 (200 HMA ) holds.

On the higher side, any break above 132.50 will take the pair to next level till 133/134.05/135.25 in the short term.

Any break below 200 HMA will drag the pair to next immediate support at 130/128.60.

It is good to buy on dips around 132 with SL around 131.20 for the TP of 134.05/135.25
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