Major resistance – 152 (trend line joining 153.40 and 152). GBP/JPY has shown good recovery from the low of 149.40 made on Dec 15th 2017. The pair hits the high of 151.85 and is currently trading around 151.80. The yen i…
Major resistance – 152 (trend line joining 153.40 and 152).
GBP/JPY has shown good recovery from the low of 149.40 made on Dec 15th 2017. The pair hits the high of 151.85 and is currently trading around 151.80.
The yen is trading weak against all majors after BOJ has kept its policy unchanged. BOJ has kept its interest rates unchanged at -0.1% and 10 Year JGB target at 0%. The central bank will continue to buy and annual amount of JPY 80T JGBs. BOJ said in a statement that “Japan’s economy is expanding moderately and likelihood of inflation reaching 2% target is very low.
On the higher side, major resistance is around 152 and any break above will take the pair to next level till 153.40/155.
The near term support is around 151.25 (4H Tenken-Sen) and any break below will drag the pair till 150.70/150.
It is good to buy above 152 with SL around 151 for the TP of 153.40/155.
