FxWirePro: GBP/JPY trades higher on easing geo political tension, good to buy on dips
GBP/JPY is continuing its bullishness for fourth consecutive days and jumped more than 450 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 un…
GBP/JPY is continuing its bullishness for fourth consecutive days and jumped more than 450 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. GBP was trading higher against USD and has broken major resistance at 1.34000 and jumped till 1.34293. USD/JPY has shown a good recovery and broken major resistance at 110 and a jump till 111.39 is possible and is currently trading around 110.07. GBPJPY is currently trading around 147.65.
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 with SL around 146 for the TP of 150.
