• FxWirePro: GBP/JPY trade idea

    Source: FxWire Pro - Technicals / 05 Mar 2018 12:35:32   Eastern Standard Time

    • GBP/JPY has shown a minor jump after three days of continuous weakness. The pair jumped nearly 200 pips from the low of 144.98. The pair’ minor recovery only due to short covering. It is currently trading around 146.80.
    • The yen was trading strong on account increasing demand for safe haven. GBP/JPY’s near term resistance is around 147.08 (233- day MA) and any break above will take the pair to next level till 147.75 (200- day MA)/148.50. Any close above 150 confirms minor bullishness, a jump till 150.50/150.82.
    • On the lower side, near term support is around 144.80 (trend line joining 135.59 and 139.30) and any break below will drag the pair till 144/143.60.
    • Momentum indicators RSI is at 23 indicate over sold and a slight jump till 147.75.

      It is good to buy on dips around 145.45-50 with SL around 145 for the TP of 146.60/147.05.