FxWirePro: GBP/JPY holds well above 20- day MA, jump till 148 likely
GBP/JPY has shown a minor recovery of 100 pips yesterday after a good jump in GBP. The rise of more than 150 pips from the low of 145.18 was mainly due to better than expected UK PMI data. Sterling rose against all major…
GBP/JPY has shown a minor recovery of 100 pips yesterday after a good jump in GBP. The rise of more than 150 pips from the low of 145.18 was mainly due to better than expected UK PMI data. Sterling rose against all majors this week after ha-trick PMI .US tariff on USD 34B Chinese imports under section 301 are going to take effect at 12:01 Eastern time Friday. US President Donald Trump threatens to impose tariffs on USD 500 billion of Chinese goods. The increasing trade war concerns might cap the upside of GBP/JPY.It is currently trading around 146.60.
The pair is facing strong resistance at 147.15 (55- day EMA) and any break above will take the pair till 148.11/150.
On the lower side, near term support is around 146 (20- day MA) and any break below will take the pair to next level till 145/144.38/144.
It is good to buy on dips around 146.25-30 with SL around 145.70 for the TP of 148.
