- Trend line breakout: 154.95 (trend line joining 151.93 and 153.41).
- GBP/JPY continuing its bullish trend for past three days after forming a minor bottom at 153.11.The pair is trading higher and broken 155 psychological level. It has jumped till 155.33 and is currently trading around 155.30.
- Intraday bias is bullish as long as support 154.50 holds. The pair is trading slightly above 155 and this confirms minor bullishness.
- The pair is facing major support at 154.50 and any break below will drag the pair to next level till 154.15 (23.6% fibo)/153.74 (4H Kijun-Sen)/153.25. Short term bullish invalidation is only below 153.
- The major resistance is around 155.35 and any break above will take the pair till 156/158.20 (138.2% fibo projection).
It is good to buy on dips around 154.75-80 with SL around 154 for the TP of 156/158.
