- GBP/JPY shown a minor decline after forming a top around 146.66 yesterday. The pair dipped till 145.65 and once gain recovered sharply from that level.
- The JPY is trading weak against all major as risk appetite eases after Macron victory in French elections. GBP/JPY downside capped by 7- day MA and any minor weakness can be seen below 144.78 (resistance turned into support. Any close below that level will drag the pair down till 144 (23.6% retracement of 135.95 and 146.66).
- On the higher side, near term resistance is around 147.30 and any break above will take the pair till 148.45 (Dec 15th 2016 high)/152.35 (38.2% retracement of 195.88 and 124.78).
It is good to buy on dips around 146.65-70 with SL around 145.50 for the TP of 148.45/150.
Resistance
R1-147.30
R2 -148.45
R3- 150
Support
S1-144
S2-142
S3- 140
