As per our analysis GBPJPY recovered sharply and jumped more than 150 pips in past tow trading days.The jump was mainly due to sudden surge in GBP against USD and jumped nearly 200 pips from low of 1.29052.UK manufacturing PMI came at 53.1 two month lows compared to forecast of 53.2. Markets eye BOE inflation report and BOE monetary policy for further direction. It hits high of 145.87 and is currently trading around 145.67.
On the higher side, near term resistance is around 145.83 (61.8% fib) and any convincing break above will take the pair to next level till 146.50/147.
The near term major support is around 145.29 and any violation below will drag the pair to next level till 145/144.80 (200- H MA).Any hourly close below 144.80 confirms further weakness.
It is good to buy on dips around 145.25-30 with SL around 144.80 for the TP of 147.
