Buy GBP/JPY above 127.55

FX:GBPJPY   British Pound / Japanese Yen
290 0 4
Major resistance- 127.55 ( trend line joining 129.61 and 128.61).

Major support- 124.80.

The pair has formed a double bottom around 124.80 and started to recover from that level.It is currently trading around 127.05.

On the lower side, support stands at 124.80 and any break below will drag the pair to next level till 121.70 (161.8% retracement of 124.78 and 129.61).The minor support is around 126.50/125.85.

Any break above 127.55 will take the pair to next immediate resistance at 128.60/129.60 in the short term.

It is good to buy above 127.55 with SL around 126.50 for the TP of 128.60/129.61.
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