FxWirePro: GBP/JPY consolidates in narrow range, good to buy on dips
GBP/JPY was trading in narrow range between 150.18 and 149.26 around 90 pips. The pair recovered almost 200 pips from the minor bottom of 148.01. The pair has started to fall from the high of 150.18 made yesterday. So fu…
GBP/JPY was trading in narrow range between 150.18 and 149.26 around 90 pips. The pair recovered almost 200 pips from the minor bottom of 148.01. The pair has started to fall from the high of 150.18 made yesterday. So further bullish continuation only above 150.20. It is currently trading around 149.60.
The Japanese yen was trading higher against all majors on account of increasing safe haven demand. USD/JPY was trading weak and hits new 4- month low of 105.55 level at the time of writing. Technically for the intraday the pair 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 149.35-40 with SL around 148.90 for the TP of 150.20/150.49.
