FxWirePro: GBP/JPY trades slightly higher on easing Italian political turmoil, good to buy on dips

• GBP/JPY is trading range bound between 144.20 and 145.30 for the past four trading session. The pair lost almost 700 pips from the minor top formed at 150 on account of increasing geo political uncertainty especially in Italy. The political uncertainty in Italy as Italy populist government formed. The 5- star movement and Eurosceptic League agreed to form coalition government with Law professor Giuseppe Conte as PM and Trai as economy minister. US dollar was trading weak against all majors as political turmoil got solved.  GBP hits high of 1.33480 and shown a minor selling from that level. USD/JPY has shown a good recovery of almost more than 100 pips from low of 108.12 (100- day MA) and is currently trading around 109.17. GBPJPY is currently trading around 145.25
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  The pair is facing strong resistance at 145 and any convincing break above will take the pair to next level till 146.18 (365- day MA)/146.66/147.The minor resistance is around 147.82.
   
• On the lower side, near term major support is around 143 and any convincing break below will drag the pair to next level till 140.

It is good to buy on dips around 144.75-80 with SL around 144.25 for the TP of 147.