FxWirePro: GBP/JPY downside capped by 38.2% fibo, good to buy on dips
GBP/JPY was trading higher and has jumped almost 140 pips from the yesterday low of 148.50. The pair recovery was mainly supported by rising GPB against all majors. The pair hits intraday high of 149.94 and is currently …
GBP/JPY was trading higher and has jumped almost 140 pips from the yesterday low of 148.50. The pair recovery was mainly supported by rising GPB against all majors. The pair hits intraday high of 149.94 and is currently trading around 149.85.
The GBP was trading higher against all majors today on account of hawkish stance by BOE. GBP/USD jumped well above 1.4000 level and jumped till 1.40699. GBP/JPY technically facing strong resistance around 150 and any break above will take the pair to next level till 150.50/150.82. Any break above 150.82 targets 151.30/152.18. Any close above 152.18 confirms further bullishness and a jump till 153/153.50 likely.
On the lower side, near term support is around 150.50 and any break below will drag the pair till 150.13 (233- H MA)/149.50.
It is good to buy on dips around 150.45-50 with SL around 149.80 for the TP of 151.30/152.15.
