FxWirePro: GBP/JPY consolidates in narrow range, break above 152 confirms minor bullishness
Major resistance – 152 (trend line joining 153.40 and 152). GBP/JPY is consolidating after hitting a high of 151.91 yesterday. The pair is trading between 152.01 and 151.27 for the past two trading session. It is current…
Major resistance – 152 (trend line joining 153.40 and 152).
GBP/JPY is consolidating after hitting a high of 151.91 yesterday. The pair is trading between 152.01 and 151.27 for the past two trading session. It is currently trading around 151.61.
The yen is trading weak against all majors after BOJ has maintained accommodative policies. The central bank kept its interest rates unchanged at -0.1% and 10 Year JGB target at 0%. The central bank will continue to buy and annual amount of JPY 80T JGBs. BOJ said in a statement that “Japan’s economy is expanding moderately and likelihood of inflation reaching 2% target is very low.
On the higher side, major resistance is around 152 and any break above will take the pair to next level till 153.40/155.
The near term support is around 150.89 (4H Tenkan-Sen ) and any break below will drag the pair till 150/149.
It is good to buy above 152 with SL around 151 for the TP of 153.40/155.
