FxWirePro: GBP/JPY Trade idea

• GBP/JPY is consolidating in narrow range between 151.60 and 152.59 for past three trading days. The yen was trading weak against all majors from Friday on account of easing geo political tensions and rising US bond yield. Pound sterling was continuing its weakness from previous week on account of weak UK economic data and dovish comments from BOE’s Governor Carney.  Market eyes UK prelim GDP data to be released today for further direction.
   
• The pair hits low of 152.08 yesterday and shown minor recovery till152.59. It is currently trading around 152.68. 
   
• The major resistance is around 153 and any convincing break above targets 153.85. Any minor bullish continuation only above 153.85. 
   
• On the lower side, near term support is around 151.60 (50% fibo) and any close below will drag the pair till 151.09/150.

It is good to buy on dips around 152.25-30 with SL around 151.60 for the TP of 153.85.

Resistance

R1-152.60
 

R2 –153
 

R3- 153.60

Support               
 

S1-151.60
 

S2-151
 

S3- 150.50