GBPJPY broken major resistance 146.50 after a long consolidation. It hits high of 147.09 and is currently trading around 147. The jump was mainly due to weakness in yen on account of rising US
bond yield and easing trade tensions. UK services PMI came at 48.9 for month of Mar compared to forecast of 51.
On the lower side, near term support is around 146.15 (20- day MA) and any violation below will take the pair to next level till 145.85/145.44 (300- day EMA)/145.
The near term resistance is around 147.20 and any break above will take the pair to next level till 147.65/148.27.It should break above 148.87 for further bullishness.
It is good to buy on dips 146.55-60 with SL around 145.90 for the TP of 148.85.
