FxWirePro: GBP/JPY struggles to close above 150, good to buy on dips
GBP/JPY has been once again shown good selling after hitting high of 150.01 yesterday. The pair decline was mainly due to slight dip in Pound sterling after hitting trend line resistance at 1.40699. The pair hits low of …
GBP/JPY has been once again shown good selling after hitting high of 150.01 yesterday. The pair decline was mainly due to slight dip in Pound sterling after hitting trend line resistance at 1.40699. The pair hits low of 149 and is currently trading around 149.30.
The GBP was showing profit booking against all majors yesterday but downside is limited as due to strong economy and wage growth rate. BOE is expected to hike rates much faster than expected. GBP/JPY technically facing strong resistance around 150 and any break above will take the pair to next level till 150.50/150.82. Any break above 150.82 targets 151.30/152.18. Any close above 152.18 confirms further bullishness and a jump till 153/153.50 likely.
On the lower side, near term support is around 149 and any break below will drag the pair till 148.50 (38.2% fibo)/147.95.
It is good to buy on dips around 148.50-60 with SL around 147.96 for the TP of 150.82/151.30.
