- GBP/JPY formed a bottom around 141.48 slightly below 50- day MA and jumped sharply from that level. The pair hits high of 143.95 at the time of writing and is currently trading around 143.69.
- It has broken slightly above 21- EMA but it should break above trend line resistance around 144.15 for further upside. Any break above trend line will take the pair till 145 (50% retracement of 148.11 and 141.48)/145.45 (May 25th 2017 high). Any break above 145.45 will take the pair till 148.11 recent high made on May 10th 2017.
- On the lower side, near term support is around 142.60 (55- EMA) and any break below will drag the pair down till 141.50/140.30 in the short term.
It is good to buy only above 144.15 with SL around 143 for the TP of 145/147.
