- Major support – 144 (55 EMA and trend line support).
- GBP/JPY has taken support near trend line and 55- day EMA and recovered slightly from that level. The pair jumped till 144.66 and is currently trading around 144.25.
- Any further bearishness can be seen only below 144 level. Any break below will drag the pair down till 143.20 (50% retracement of 138.67 and 147.77)/142.25 (100- day MA).
- On the higher side, minor resistance is around 144.95 (23.6% retracement of 147.77 and 144.06) and any break above will take the pair till 145.35 (21- day EMA)/146.05 (10- day MA).
- Overall bearish invalidation only above 148.11 level.
It is good to buy on dips around 144.20-25 with SL around 143.80 for the TP of 145.35/146.
