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- GBP/JPY is trading weak once again after a minor recovery above 150 yesterday. The pair jumped till 150.12 and declined more than 100 pips from that level. GBP recovered slightly against USD but slight recovery was using as opportunity for selling by traders. UK services PMI came at 52.8 for the month of Apr compared to forecast of 53.5. The pound sterling’s overall trend is still weak due to weak economic data and Brexit uncertainty.
- The pair is trading near intraday low and any convincing close below 200- day MA confirms further weakness. It is currently trading around 148.93.
- The minor near term resistance is around 149.50 and any convincing break above targets 150.25 (23.6% fibo)/150.90 (100- day MA)/151.47 (20- day MA). Any minor bullish continuation only above 152.75.
- On the lower side, near term support is around 149 (200- day MA) and any close below will drag the pair till 148.38/147.66.
It is good to sell on rallies around 149.20-30 with SL around 150 for the TP of 147.
