FxWirePro: GBP/JPY downside capped by 200- day MA, good to buy on dips
GBP/JPY has shown a minor recovery of almost 100 pips from low of 149.14 and hits intraday high of 149.91. GBP was trading slightly higher after declining almost 786 pips on account of positive UK economic data. UK const…
GBP/JPY has shown a minor recovery of almost 100 pips from low of 149.14 and hits intraday high of 149.91. GBP was trading slightly higher after declining almost 786 pips on account of positive UK economic data. UK construction PMI came at 52.5 compared to forecast of 50.5. It is currently trading around 150.05.
The pair is trading near intraday high and any break above 150 confirms minor intraday bullishness.
The major resistance is around 150 and any convincing break above targets 150.25 (23.6% fibo)/150.90 (100- day MA)/151.47 (20- day MA). Any minor bullish continuation only above 152.75.
On the lower side, near term support is around 149 (200- day MA) and any close below will drag the pair till 148.38/147.66.
It is good to buy on dips around 149.50-60 with SL around 140 for the TP of 150.90/151.35.
