FxWirePro: GBP/JPY forms double bottom around 148.80, good to buy on dips
GBP/JPY has formed a minor bottom around 148.80 and shown a minor jump from that level. The minor recovery was due to slight jump in Pound against all majors. But yen was recovered slightly due to introduction of tariff …
GBP/JPY has formed a minor bottom around 148.80 and shown a minor jump from that level. The minor recovery was due to slight jump in Pound against all majors. But yen was recovered slightly due to introduction of tariff by China up to 25% on 128 U.S products including pork and wine. GBP/JPY recovered till 149.55 and is currently trading around 149.498.
The major resistance is around 150.60 (100- day MA) and any break above targets 150.95/151.50. The major trend reversal only above 150.95. The near term resistance is around 149.60.
On the lower side, near term support is around 148.80 and any close below will drag the pair till 148.40/147.70.
It is good to buy on dips around 149.40-45 with SL around 148.80 for the TP of 150.59/151.
