- Major resistance- 152 (38.2% retracement of 195.88 and 124.72).
- GBP/JPY is in bullish trend for the past one week. The pair jumped from the close of 142.19 till 151.55 previous week. It is currently trading around 150.61.
- The pair is showing a minor decline after hitting a high of 151.58.Any bullish continuation only above 152 level. The momentum indicator RSI is in over bought zone and showing bearish divergence. So slight dip till 148 likely.
- On the higher side, any break above 152 will take the pair to next level till 153.50/155.
- The near term support is around 150 and any break below will drag the pair down till 149.12 (23.6% retracement of 141.19 and 151.58)/148.19 (5- day MA).
It is good to sell on rallies around 151 with SL around 152 for the TP of 149.15/148.20.