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- GBP/JPY has recovered sharply almost 200 pips from the low of 150.19. The pair jumped till 152.71 and is currently trading around 152.28.
- Intraday bias is bullish as long as support 151.85. The pair formed almost a double top at 153.60 and any further bullishness only above that level.
- The pair has taken support near major trend line on Friday and shown a major jump. The near term support is around 151.85 (4H Kijun-Sen) and any break below 151.85 will drag the pair to next level till 151.30 (200- 4H E MA)/150.95. Short term bearishness only below 150.20.
- The major resistance is around 152.70 and any break above will take the pair till 153/153.60. Further bullishness only above 153.60.
It is good to buy on dips around 152 with SL around 151.30 for the TP of 153.60.
