GBPJPY is consolidating between 142.63 and 141.17 in past 4 trading session.GBP was trading lower against all majors after weak UK GDP data.UK prelim GDP came at 0.2% compared to 0.6 in the third quarter and economy shrank by 0.4% worse than expected. UK manufacturing production m/m came at -0.7% compared to estimate of 0.2%. But JPY was trading weak against all majors especially USD on broad based dollar buying and easing trade war tension.The pair hits low of 141.84 and shown aminor jump till 142.35.It is currently trading around 142.18.
Technically the pair is facing strong resistance around 142.60-62 (200- H MA) and any violation above targets 143/143.55.
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 above 142.60 with SL around 142 for the TP of 144.15.
