FxWirePro: GBP/JPY downside capped by 7- day MA, good to buy on dips
GBP/JPY shown a minor decline after forming a top around 146.66 yesterday. The pair dipped till 145.65 and once gain recovered sharply from that level. The JPY is trading weak against all major as risk appetite eases aft…
GBP/JPY shown a minor decline after forming a top around 146.66 yesterday. The pair dipped till 145.65 and once gain recovered sharply from that level.
The JPY is trading weak against all major as risk appetite eases after Macron victory in French elections. GBP/JPY downside capped by 7- day MA and any minor weakness can be seen below 144.78 (resistance turned into support. Any close below that level will drag the pair down till 144 (23.6% retracement of 135.95 and 146.66).
On the higher side, near term resistance is around 147.30 and any break above will take the pair till 148.45 (Dec 15th 2016 high)/152.35 (38.2% retracement of 195.88 and 124.78).
It is good to buy on dips around 146.65-70 with SL around 145.50 for the TP of 148.45/150.
