FxWirePro: GBP/JPY trades higher, good to buy on dips
GBP/JPY is continuing its bullishness for fifth consecutive days and jumped 500 pips from the low of 143.19 made on May 29th 2018. The yen was trading lower against all majors on account of easing political uncertainty i…
GBP/JPY is continuing its bullishness for fifth consecutive days and jumped 500 pips from the low of 143.19 made on May 29th 2018. The yen was trading lower against all majors on account of easing political uncertainty in Italy and rising global markets. Euro and global bond yields has been trading higher on hopes that ECB might wind up stimulus program. GBP was trading higher against USD and has broken major resistance at 1.34000 and jumped till 1.34293. USD/JPY has shown a minor selling and it’s overall trend is strong. Any close above 110.17 (200 –day MA) confirms further jump and it is currently trading around 109.92 GBPJPY is currently trading around 147.85.
The pair is facing strong resistance at 148 (trend line resistance) and any convincing break above will take the pair to next level till 148.50 (55- day EMA)/149.60 (200- day MA).
On the lower side, near term major support is around 147 (daily Kijun-Sen) and any convincing break below will drag the pair to next level till 146.10 (38.2% fibo)/145.
It is good to buy on dips around 147.35-40 with SL around 146.85 for the TP of 150.
