- Major resistance – 153 (trend line joining 151.97 and 152.81).
- GBP/JPY has broken major resistance 153 yesterday and jumped till 153.34. The pair formed a minor bottom around 151.50 and any major weakness only below that level. It is currently trading around 153.46.
- Intraday bias is upside and any minor weakness for the day only below 151.50.
- The pair has taken support near 34 H EMA yesterday and shown almost 120 pips jump. The major resistance is around 153.40 high made on Dec 8th 2017 and any convincing break above confirms minor trend reversal. Break above 153.40 will take the pair till 155/155.88 (161.8% retracement).
- The near term support is around 152.50 (55- H EMA) and any break below will drag the pair till 152/151.50.
It is good to buy on dips around 153.15-20 with SL around 152.50 for the TP of 155.
Resistance
R1-153.40
R2 -154
R3-155
Support
S1-152.50
S2-152
S3-151.50
