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- GBP/JPY has shown a good recovery of more than 100 pips from Friday’s low of 150.68 on account weak Yen. The yen was trading weak against all majors from Friday on account of easing geo political tensions and increase of risk appetite. Pound sterling was trading weak against all majors from previous week on account of weak UK economic data and comments from BOE’s Governor Carney that Brexit uncertainty will affect pace of rate hikes.
- The pair shown a minor selling from the intraday high of 151.82 and is currently trading around 151.65.
- The major resistance is around 151.85 (55- 4H EMA) and any convincing break above targets 152.80/153.85.
- On the lower side, near term support is around 151.40 (100- 4H MA) and any close below will drag the pair till 150.50/150.
It is good to buy on dips around 151.45-50 with SL around 151 for the TP of 152.70/153.
