FxWirePro: GBP/JPY Trade Idea

• GBP/JPY was trading in narrow range between 150.18 and 148.77 around 140 pips. The pair recovered almost 200 pips from the minor bottom of 148.01. The pair forms a temporary top around 150.18. So further bullish continuation only above 150.20. It is currently trading around 149.20.
   
• The Japanese yen was shown a minor weakness against USD. The slight jump in USDJPY was mainly due to short covering. USD/JPY’s near term resistance is around 106.75 and any break above will take the pair till 107.15.  GBP/JPY Technically it should break above 150.20 for minor bullishness till 150.82 (Feb 12th 208 high) is likely.
   
• On the lower side, near term support is around 148.50 (38.2% fib) and any break below will drag the pair till 148/147.63.

It is good to buy on dips around 149.20 with SL around 148.75 for the TP of 150.20/150.49.

Resistance
 

R1-149.75
 

R2 – 150.20
 

R3-150.80

Support               
 

S1-148.50
 

S2-148
 

S3- 147