- GBP/JPY has formed a minor bottom around 148.38 and shown a jump of more than 100 pips from that level. The minor recovery was due to slight jump in Pound against all majors. The yen shown a minor weakness as Asian markets stabilized and shown a minor jump. GBP/JPY recovered till 149.54 and is currently trading around 149.39.
- The major resistance is around 150.60 (100- day MA) and any break above targets 150.95/151.50. The major trend reversal only above 150.95. The near term resistance is around 149.70.
- On the lower side, near term support is around 148.80 and any close below will drag the pair till 148.40/147.70.
It is good to buy on dips around 148.80-85 with SL around 148.30 for the TP of 149.65/150.59.
