FxWirePro: GBP/JPY downside capped by 200 –day MA, good to buy on dips
GBP/JPY has shown a decline of almost more than 150 pips yesterday on account of strong yen. The yen was trading higher against all majors as safe haven demand increased on account of US trade war. The pair hits intraday…
GBP/JPY has shown a decline of almost more than 150 pips yesterday on account of strong yen. The yen was trading higher against all majors as safe haven demand increased on account of US trade war. The pair hits intraday low of 148.84 and shown a minor jump from that level. The pair is currently trading around 148.35.
US retail sales fell for the third straight month and it has declined 0.1% for the month of Feb compared to forecast of 0.03% gain. The major resistance is around 149.40 and any break above targets 150/151.20. The near term resistance is around 148.65 (50- H MA)/149.
On the lower side, near term support is around 147.90 (200- day MA) and any close below will drag the pair till 147.40/146.95/146.36.
It is good to buy on dips around 148.10-20 with SL around 147.70 for the TP of 150.
