FxWirePro: GBP/JPY trades higher, good to buy on dips

• GBP/JPY is trading higher for past ten trading days and is expected to reach 153.40 level. The pair hits high of 152.71 at the time of writing and is currently trading around 152.77.
   
• Minor term trend is still bullish as long as support 151.50 holds.
   
• The pair has taken support near 34- 4H EMA yesterday and shown a good jump. The major resistance is around 153.40 high made on Dec 8th 2017 and any break above confirms minor trend reversal. Break above 153.40 will take the pair till 155/155.88 (161.8% retracement).
   
• The near term support is around 151.98 (34- 4H EMA) and any break below will drag the pair till 151.50 (38.2% fib)/150.81 (200- 4H EMA)/150.10.
   
• Major economic indicator to be released is UK construction PMI. Any better than expected PMI data will take the pair further high. 

It is good to buy on dips around 152.50 with SL around 151.98 for the TP of 153.40/154.