Major support- 132.30
GBPJPY has formed a minor bottom around 132.32 and jumped more than 100 pips. The jump was mainly due to weakness in the yen. USDJPY is trading higher and holding above 108 level. Any break above 108.50 confirms major bullishness.
The near term resistance is around 133.35 and any violation above will take the pair till 134/134.60. The dip from 148.87 will end at 126.54 only if the pair breaks above 135.80.
On the flip side, near term support is around 132.30 and the break below confirms minor weakness, a dip till 131.60/130 likely.
It is good to buy on dips around 133 with SL around 132.30 for the TP of 134.60.
