- GBP/JPY has once again recovered after declining till 141.15 yesterday. The pair has formed rising wedge and any weakness can be seen only below 141.15. It is currently trading around 141.65.
- The near term resistance is around 142 and any break above will take the pair till 142.50-55/143.10. Any violation above 143.10 confirms minor bullishness, a jump till 144.20/145 is likely.
- On the lower side, 141.38 (233 –H MA) will be acting as nearby support and any break below will drag the pair down till 140.40/140/139.30.
It is good to buy on dips around 141.40-50 with SL around 140.85 for the TP of 143.
