• FxWirePro: GBP/JPY trade idea

    Source: FxWire Pro - Technicals / 16 Jan 2018 07:12:31   Eastern Standard Time

    • GBP/JPY has declined sharply after making a high of 153.09 at the time of writing. The pair declined till 152.34 and is currently trading around 152.20.
       
    • Intraday bias is bearish as long as resistance 153.10 holds. The pair formed almost a double top at 153.60 and any further bullishness only above that level.
       
    • The pair is facing major support at 152 (55- 4H EMA) and any break below will drag the pair to next level till 151.64 (4H Kijun-Sen)/151.50/151.07 (233- 4H MA). Short term bullish invalidation is only below 150.80.
       
    • The major resistance is around 153.10 and any break above will take the pair till 153.60. Further bullishness only above 153.60.

    It is good to sell on rallies around 152.55-152.60 with SL around 153.10 for the TP of 151.50/151.

    Resistance
     

    R1-153.10
     

    R2 -153.60
     

    R3-154
     

    Support               
     

    S1-152
     

    S2-151.50
     

    S3-151