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- GBP/JPY recovered sharply after making a temporary bottom of 140.74 on Jun 7th 2017. The pair jumped till 142.58 yesterday and is currently trading around 141.95.
- The pair’s upside capped by 4H cloud top around 142.59 and any break above that level confirms further bullishness. Any break above cloud top will take the pair till 143 (trend line joining 148.11 and 145.43)/144.20 (200- 4H MA).
- On the lower side, near term support is around 141.48 and any break below will drag the pair down till 140.73/140.37 in the near term.
It is good to sell on rallies around 142.10-142.20 with SL around 143 for the TP of 140.80/140.37.
