GBP/JPY trades well above 200- day MA, jump till 151 likely
GBP/JPY has shown a huge jump of more than 150 pips yesterday’s low of 148.18. the pair has broken major resistance at 149.20 200 –day MA and jumped till 149.78 at the time of writing The yen was trading weak against all…
GBP/JPY has shown a huge jump of more than 150 pips yesterday’s low of 148.18. the pair has broken major resistance at 149.20 200 –day MA and jumped till 149.78 at the time of writing The yen was trading weak against all majors today on account of easing geo political tensions . USD/JPY trades higher and broken yesterday’s high of 110.45 and jumped till 110.74. The pair has taken support near trend line and shown a good jump of more than 275 pips from the low of 147.05. It is currently trading around 149.58.
The pair is facing strong resistance at 150 and any convincing break above 150 will take the pair to next level till 150.64 (100- day MA)/151/152.80.
On the lower side, near term major support is at trend line is around 149 and any decline below will drag the pair to next level till 148/147.
It is good to buy on dips around 149.50-60 with SL around 1 for the TP of 150.64/151.
