Major resistance- 132.45 (Sep 29th high).
Major support – 129.80 (trend line joining 129.06 and 129.62)
GBP/JPY has pared its gains from its high of 132.23made yesterday. It is currently trading around 131.63.
The pair is facing major resistance at 132.45 and any slight bullishness only above that level.
In the hourly chart, the air is trading slightly above Kijun-Sen (131.36) and it should break above temporary top at 132.45 for further bullishness. Any break above 132.45 will take the pair to next level till 133.26/134.25 in the short term.
On the lower side, any break below 129.80 confirms minor weakness, decline till 129.06/128 is possible. The minor support is around 131 (200- HMA).
It is good to sell on rallies around 131.85-131.90 with SL around 132.50 for the TP of 130.30/129.80
Major support – 129.80 (trend line joining 129.06 and 129.62)
GBP/JPY has pared its gains from its high of 132.23made yesterday. It is currently trading around 131.63.
The pair is facing major resistance at 132.45 and any slight bullishness only above that level.
In the hourly chart, the air is trading slightly above Kijun-Sen (131.36) and it should break above temporary top at 132.45 for further bullishness. Any break above 132.45 will take the pair to next level till 133.26/134.25 in the short term.
On the lower side, any break below 129.80 confirms minor weakness, decline till 129.06/128 is possible. The minor support is around 131 (200- HMA).
It is good to sell on rallies around 131.85-131.90 with SL around 132.50 for the TP of 130.30/129.80
