• FxWirePro: GBP/JPY consolidates in narrow range, good to buy on dips

    Source: FxWire Pro - Technicals / 19 Jan 2018 04:13:26   Eastern Standard Time

    • GBP/JPY has declined slightly after hitting high of 154.58 yesterday. The pair dipped till 153.74 and shown a minor jump from the level. It is currently trading around 154.01.
       
    • Intraday bias is bullish as long as support 153.25 holds. The pair has broken double top formed at 153.60 and this confirms minor bullishness.
       
    • The pair is facing major support at 153.70 (resistance turned into support) and any break below will drag the pair to next level till 153.25 (4H Kijun-Sen)/152.70 (55- 4H EMA)/152.08). Short term bullish invalidation is only below 150.80.
       
    • The major resistance is around 154.60 and any break above will take the pair till 155/155.84 (161.8% fibo).

    It is good to buy on dips around 153.70 with SL around 153.25 for the TP of 155/155.80.