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GBPJPY was highly volatile in yesterday trading session. The pair hits high of 143.33 and declined sharply after weaker than expected UK CPI data. UK CPI came at 1.18% in annual basis in Jan slowing from a 2.1% rise in Dec lowest level in 2-years. The yen was trading lower against all majors on account of improving risk sentiment across the globe. The pair hits intraday high of 143.03 and is currently trading around 142.96.
Technically the pair is facing strong trend line resistance around 143.05 and any hourly close above confirms minor bullishness and a jump till 143.55/144.15.
On the lower side, near term support is around 142 and any break below will drag the pair to next level till 141.70/141.15/140.
It is good to buy on dips 142.60-65 with SL around 142 for the TP of 144.15.
