Description
⋅ 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