FxWirePro: GBP/JPY hits fresh 7- week high, good to buy on dips
GBP/JPY is continuing its huge bullish trend for second consecutive days on account rising GBP against all majors on hopes rate hike by BOE. The easing tensions in Middle East has reduced demand for safe haven assets lik…
GBP/JPY is continuing its huge bullish trend for second consecutive days on account rising GBP against all majors on hopes rate hike by BOE. The easing tensions in Middle East has reduced demand for safe haven assets like Yen. It also supporting the price of GBP/JPY. The pair has broken high of 152.25 and jumped sharply more than 150 pips. It hits high of 153.84 and is currently trading around 153.67 US dollar index recovered sharply against all pairs on hopes of more than three rate hikes this year. GBP declined almost 50 pips from today’s high. Market eyes US jobless claims data for further direction. It is currently trading around 153.60.
The major resistance is around 152.20 and any convincing break above targets 152.75/154.
On the lower side, near term support is around 153.25 (hourly Tenken-Sen) and any break below will drag the pair till 152.50/152..
It is good to buy on dips around 153 with SL around 152.20 for the TP of 155.
