Chart pattern- Symmetrical triangle pattern
Major resistance – 141.80 (trend line joining 144.78 and 142.80)
Major support – 140.10 (trend line joining 136.45 and 138.53)
GBP/JPY has recovered sharply after declining till 140.47 yesterday. Any hourly close 141.80 confirms triangle break out.
The pair is facing strong trend line resistance at 141.80 and any close above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 140.10 (trend line joining 136.45 and 138.53) will drag the pair till 139.17 (200- day MA)/ 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
It is good to buy above 141.80 with SL around 141 for the TP of 144/144.75.
Major resistance – 141.80 (trend line joining 144.78 and 142.80)
Major support – 140.10 (trend line joining 136.45 and 138.53)
GBP/JPY has recovered sharply after declining till 140.47 yesterday. Any hourly close 141.80 confirms triangle break out.
The pair is facing strong trend line resistance at 141.80 and any close above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 140.10 (trend line joining 136.45 and 138.53) will drag the pair till 139.17 (200- day MA)/ 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
It is good to buy above 141.80 with SL around 141 for the TP of 144/144.75.
