• FxWirePro: GBP/JPY trade idea

    Source: FxWire Pro - Technicals / 15 Oct 2018 09:32:02   America/New_York

    Ichimoku Analysis (Daily chart)

     

    Tenken-Sen - 148.35

     

    Kijun-Sen - 146.16

     

    GBPJPY has shown a gap down opening after long week of consolidation. The pair has formed temporary top around 149.50 and started to decline from that level. It hits low of 146.60 and is currently trading around 147.14.

     

    The pair has closed well below 148 (200- day MA) and this confirms trend reversal. The major near resistance is around 148.35 and any beak above targets 149.30/149.70. Any break above 150 confirms that short term selling got completed at 139.89 and new major bullish trend will continue after breaking 150. Any violation above targets 153.75/156.60.

     

    On the lower side, near term support is around 146.40 (89- day EMA) and any drag below 145/144.

    It is good to sell on rallies around 147.30-35 with SL around 148.35 for the TP of 145.

     

    R1- 148.35
     

    R2 - 149.30

    R3- 149.70


    Support               

     

    S1- 146.40


    S2- 146

     

    S3- 145

     

     

     

     

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