- Major resistance – 151.60 (trend line joining 153.40 and 152).
- GBP/JPY is consolidating within narrow range almost 80 pips for the past 7 days. The pair is trading between 152.01 and 151.19. It is currently trading around 151.45.
- The pair should close convincingly above 151.65 (trend line resistance) for the next minor jump. Any close above 151.65 will take the pair to next level till 153/153.40. It should break above 153.40 for jump till 155/157.
- The near term support is around 151.20 (55- 4H EMA) and any break below will drag the pair till 15045 (200- 4h EMA)/150.10.
It is good to buy above 152 with SL around 151 for the TP of 153.40/155.
