GBP/JPY formed a top around 145.72 and shown a minor dip from that level. The pair is continuing its winning streak for the past three weeks. The pair has formed a minor bottom around 144.50 and any intraday weakness can…
GBP/JPY formed a top around 145.72 and shown a minor dip from that level. The pair is continuing its winning streak for the past three weeks. The pair has formed a minor bottom around 144.50 and any intraday weakness can be seen only below that level.
Short term trend is still bullish as long as support 143.80 (resistance turned into support holds).It is currently trading around 145.37.
Any violation below 143.80 will drag the pair till 143.26 (23.6% retracement of 135.59 and 145.72)/141.60 (21 EMA). Sustained weekly close above 144.78 confirms that decline from 148.45 got over at 135.95 and a jump till 148.45 high made on Dec 15th 2017 likely.
On the higher side, daily closing above 145 will take the pair to next level 146.30/147.40.Any break above 147.40 will take the pair to the high of 148.45 (Dec 15th 2016 high).
It is good to buy on dips around 145.10 with SL around 144.50 for the TP of 146.30/147.40.
