FxWirePro: GBP/JPY downside capped by 23.6% fibo, good to buy on dips
GBP/JPY has recovered sharply after hitting low of 155.23 yesterday. The pair recovered almost 140 pips. It is currently trading around 156.23. Intraday trend is bearish as long as resistance 155.25 (23.6% 151.97 and 156…
GBP/JPY has recovered sharply after hitting low of 155.23 yesterday. The pair recovered almost 140 pips. It is currently trading around 156.23.
Intraday trend is bearish as long as resistance 155.25 (23.6% 151.97 and 156.44) holds.
On the lower side, minor support is around 155.25 (23.6% fibo) and any break below will drag the pair to next level till 155/154.60/154.08/153. Major weakness can be seen below 151.95.
The near term resistance is around 157.10 (161.8% fibo) and any break above will take the pair to next level till 158/159.50.
It is good to buy on dips around 155.85-90 with SL around 155 for the TP of 157/158.
