FxWirePro: GBP/JPY trades well above 7- day MA, jump till 152.18 likely
GBP/JPY was trading higher and has jumped almost 180 pips form the yesterday low of 149.09. The pair recovery was mainly supported by weakness in yen on easing volatility in stock market. The pair broken the temporary to…
GBP/JPY was trading higher and has jumped almost 180 pips form the yesterday low of 149.09. The pair recovery was mainly supported by weakness in yen on easing volatility in stock market. The pair broken the temporary top around 150.82 and jumped till 150.93. It is currently trading around 150.71.
The JPY was trading weak against all majors yesterday on easing global volatility has reduced demand for safe haven. USD/JPY jumped slightly above 10- day MA and it should break above 108.27 for further bullishness. GBP/JPY technically has broken above 150.82 and a jump till 151.30/152.18 is possible. 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 150.50 and any break below will drag the pair till 150.13 (233- H MA)/149.50.
It is good to buy on dips around 150.45-50 with SL around 149.80 for the TP of 151.30/152.15.
