- GBP/JPY has shown a massive recovery after hitting low of 154.11 .The pair jumped sharply and broken psychological resistance at 155. It has jumped till 155.10 and is currently trading around 155.14.
- GBP was trading bullish against all majors after better than expected. The data shows that British employment rose by 8.6k compared forecast of 2.3k and wage growth also shown a uptick. Intraday bias is bullish as long as support 154 holds. The pair is trading slightly above 155 and this confirms minor bullishness.
- The pair is facing major support at 154.25 and any break below will drag the pair to next level till 153.68 (7- day MA)/153.25. Short term bullish invalidation is only below 153.
- The major resistance is around 155.35 and any break above will take the pair till 156/158.20 (138.2% fibo projection).
It is good to buy on dips around 154.55-60 with SL around 153.70 for the TP of 156/158.
