Major Resistance - 131.86 (200- H MA)
GBPJPY has halted its 2- week of bearishness and recovered more than 140 pips from low of 130.42. It hits a high of 131.82 and is currently trading around 131.49. The recovery was mainly due to weak yen and a slight recovery in GBP. USDJPY has formed a minor bottom around 106.40 and shown a more than 100 pips recovery.
The near term major intraday resistance is around 131.85 and any violation above will take the pair till 132.35/133.
On the flip side, near term support is around 131.20 and any break below will drag the pair till 130.70/130.40.
It is good to buy on dips around 131.40-45 with SL around 130.80 for the TP of 133.
