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FxWirePro: GBP/JPY Daily Outlook

GBPJPY shown a good recovery till 143.93 and shown a minor sell-off from that level. The pair recovered more than 350 pips on Theresa May won no-confidence vote in parliament on Wednesday. But Brexit uncertainty sills prevails. The pair hits intraday low of 143.24 and is currently trading around 143.32.

 

UK government will carry out the vote on PM May’s Brexit deal by Jan 19th 2019since Parliament returns to office on Jan 7th 2019.GBP is trading lower after a 200 pips jump from low of 1.24765 against USD. The pair should break above 1.2715-20 for further bulishness.

 

On the higher side, near by resistance is around 143.93 (89- 4H EMA) and any break above targets 144.55/145/146.The pair should break above 146 for further bullishness.

 

The near term support is around 143 and any violation below targets 142.50/142.The major support is around 141.17 low made on Dec 10th 2018.

 

It is good to buy above 143.15-20 with SL around 142.50 for the TP of 145

 

 

By Rangarajan Hariharan
  • Market Data
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