FxWirePro: GBP/JPY declines from high of 152.72, good to buy on dips
Friday, April 27, 2018 8:55 AM UTC
- GBP/JPY has shown a minor selling from yesterday’s high of 152.72 on account of weak GBP. GBP was trading weak against all majors on account of strong US dollar. The slight weakness of was supporting the prices of GBPJPY. The yen was trading weak on easing geo political tensions and rising US bond yield. Pound sterling was continuing its weakness from previous week on account of weak UK economic data and dovish comments from BOE’s Governor Carney.
- The pair shown a minor selling pressure after a jump till 152.72 and is currently trading around 152.25.
- The major resistance is around 153 and any convincing break above targets 153.85. Any minor bullish continuation only above 153.85.
- On the lower side, near term support is around 151.69 (50% fibo) and any close below will drag the pair till 151.30/150.75.
It is good to buy on dips around 151.-151.10 with SL around 150.49 for the TP of 152.72/153.
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