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- Minor Trend line resistance – 149.20 (trend line joining 150 and 149.56).
- GBP/JPY recovered slightly after forming a minor bottom around 148.15. The pair broken minor trend line resistance 149.20 and jumped till 149.45. It is currently trading around 149.41.
- Short term trend is still bullish as long as support 148 holds. Any minor weakness only below 148 level.
- The near term resistance is around 150 and any break above will take the pair to next level till 151/151.60. Overall bearish invalidation only above 152.86.
- The near term major support is around 148 and any break below will drag the pair down till 147/145.95.
It is good to buy on dips around 149.15-20 with SL around 148.60 for the TP of 150.35/151.
