FxWirePro: GBP/JPY holds well above 145, jump till 148.45 likely
Major resistance -144.80 GBP/JPY continues its winning momentum after showing an intraday decline till 144.65.The pair is forming a minor bottom around 144.50 and any intraday weakness can be seen only below that level. …
GBP/JPY continues its winning momentum after showing an intraday decline till 144.65.The pair is forming a minor bottom around 144.50 and any intraday weakness can be seen only below that level.
Short term trend is still bullish as long as support 143.80 (resistance turned into support holds).It is currently trading around 145.50.
Any violation below 143.80 will drag the pair till 143.40/142.89 (23.6% retracement of 135.59 and 145.11). Sustained trading above 144.78 confirms that decline form 148.45 got over at 135.95 and a jump till 148.45 high made on Dec 15th 2017 likely. The minor resistance is around 146.30/147.40.
On the higher side, daily closing above 145 will take the pair to next level 146.30/147.40.Any break above 147.40 will take the pair to the high of 148.45 (Dec 15th 2016 high).
It is good to buy on dips around 145.10 with SL around 144.50 for the TP of 146.30/147.40.
