Pattern formed – double bottom
Major resistance – 132.45 (23.6% retracement of 143.23 and 129.06)
The pair has recovered sharply after declining till 130.43 on Friday. GBP/JPY jumped till 131.95 and once again declined from that level. It is currently trading around 130.80.
GBP/JPY upside is capped by 23.6% retracement of 143.23 and 129.06 at 132.45. The pair is trading well below daily Tenkan-Sen (131.55)/134.23 (Kijun-Sen). Any break above 131.55 (Tenkan-Sen) will confirm minor bullishness, a jump till 132.45(23.6% retracement of 143.23 and 129.06) is possible.
GBP/JPY’s support is around 130.40 and any violation below 130.40 will drag the pair down till 129.60/129.06.in the short term.
It is good to sell on rallies around 131.50 with SL around 132.45 for the TP of 129.10
Major resistance – 132.45 (23.6% retracement of 143.23 and 129.06)
The pair has recovered sharply after declining till 130.43 on Friday. GBP/JPY jumped till 131.95 and once again declined from that level. It is currently trading around 130.80.
GBP/JPY upside is capped by 23.6% retracement of 143.23 and 129.06 at 132.45. The pair is trading well below daily Tenkan-Sen (131.55)/134.23 (Kijun-Sen). Any break above 131.55 (Tenkan-Sen) will confirm minor bullishness, a jump till 132.45(23.6% retracement of 143.23 and 129.06) is possible.
GBP/JPY’s support is around 130.40 and any violation below 130.40 will drag the pair down till 129.60/129.06.in the short term.
It is good to sell on rallies around 131.50 with SL around 132.45 for the TP of 129.10