GBP/JPY has shown a massive jump yesterday almost more than 150 pips from low of 146.11 on hopes of Brexit deal. GBP was trading higher against all majors especially USD with jump of almost 200 pips after news reports that key UK Cabinet Ministers will support the Brexit draft. The EU and UK have agreed on text for Irish border but talks still going on. The Brexit optimism is supporting prices of Pound sterling. The pair hits high of 148.72 and shown a minor decline from that level. It is currently trading around 148.11.
On the higher side, near term resistance is around 148.72 (76.4% fibo) and any break above targets 149.50/149.70.
The near term support is around 147.70 (38.2% fib) and any break below targets 147.23 (200- day MA)/146.51/146.
It is good to buy on dips around 147.70-75 with SL around 147.20 for the TP of 149.48.
