GBPJPY is trading in a narrow range between 135.18 and 136.28 for the past 1-week. Yesterday the pair hits low of 135.38 and shown a minor recovery. GBP was trading lower against USD and lost more than 300 pips in the past 2 weeks on account of Brexit uncertainty. UK GDP m/m came at 0.3% in line with a forecast of 0.3%. and manufacturing production came at 1.4% compared with an estimate of 2.2%. The pair has shown a recovery of nearly 40 pips and hits an intraday high of 135.96. It is currently trading around 135.95.
On the higher side, near term major resistance is around 136.28 and any minor bullishness only above that level. Any break above will take the pair to next level till 136.80/137.79.
The near term support is around 1355-135.18 and any violation below will drag the pair to the next level till 133.90/133.
It is good to buy above 136.28 with SL around 135.80 for the TP of 137.70.
