- 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.
