Major resistance- 132.25 (Aug 18th 2016 high).
Major support -131.15 (200 HMA)
Hourly chart (CMP- 131.81)
Tenken-Sen -131.68
Kijun-Sen- 131.72
GBP/JPY has declined till 131.44 yesterday and jumped from that level. It is currently trading around 131.76.
The intraday trend is bullish as long as support 131 (200 HMA) holds. The pair is trading slightly above cloud and any weakness can be seen only below 131.15 (200 HMA and cloud bottom).
On the higher side, any break above 132.25 will take the pair to next level till 133/134.05/135.25 in the short term .
Any break below cloud bottom will drag the pair to next immediate support at 130/128.60.
It is good to buy above 132.25 with SL around 131 for the TP of 134.05/135.25
Major support -131.15 (200 HMA)
Hourly chart (CMP- 131.81)
Tenken-Sen -131.68
Kijun-Sen- 131.72
GBP/JPY has declined till 131.44 yesterday and jumped from that level. It is currently trading around 131.76.
The intraday trend is bullish as long as support 131 (200 HMA) holds. The pair is trading slightly above cloud and any weakness can be seen only below 131.15 (200 HMA and cloud bottom).
On the higher side, any break above 132.25 will take the pair to next level till 133/134.05/135.25 in the short term .
Any break below cloud bottom will drag the pair to next immediate support at 130/128.60.
It is good to buy above 132.25 with SL around 131 for the TP of 134.05/135.25