• GBP/JPY has shown a good recovery of more than 100 pips yesterday’s low of 151.40 on account weak Yen. The yen was trading weak against all majors from Friday on account of easing geo political tensions and rising US bond yield. Pound sterling was continuing its weakness from previous week on account of weak UK economic data and dovish comments from BOE’s Governor Carney. 
   
• The pair shown a good jump after a minor selling till 151.67 and is currently trading around 152.25. 
   
• The major resistance is around 153 and any convincing break above targets 153.85. Any minor bullish continuation only above 153.85. 
   
• On the lower side, near term support is around 151.60 (50% fibo) and any close below will drag the pair till 151.09/150.
  
  It is good to buy on dips around 151.65-70 with SL around 151 for the TP of 153/153.85.