GBP/JPY faces resistance at 200 day 4HMA,good to buy at dips
GBP/JPY has made a high of 174.17 on Friday and started to decline from that level .It is currently trading around 172.99.
Short term trend is still bullish as long as support 170.50 (Kijun-Sen) holds. Any break below Kijun-Sen will drag the pair down till 169.95/169.
On the higher side major resistance is around 174.30 (200 day 4HMA) and any break above will take the pair to next level till 175/176.27.
It is good to buy at dips around 172-172.25 with SL around 170.50 for the TP of 175/176.25
Short term trend is still bullish as long as support 170.50 (Kijun-Sen) holds. Any break below Kijun-Sen will drag the pair down till 169.95/169.
On the higher side major resistance is around 174.30 (200 day 4HMA) and any break above will take the pair to next level till 175/176.27.
It is good to buy at dips around 172-172.25 with SL around 170.50 for the TP of 175/176.25