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- GBP/JPY is continuing its bullish trend for second consecutive week .The pair made fresh high for the week at 151.49 and shown a minor decline. The pair recovered sharply in today’s Asian session and broke yesterday high of 151.50 and jumped till 151.62. Market eyes US PPI data which is to be released today for further direction. The easing US- China trade war has reduced demand for safe haven like Yen. It is currently trading around 151.44.
- The major resistance is around 151.50 and any convincing break above targets 152/152.25 (61.8% fibo).
- On the lower side, near term support is around 151.10 (hourly Kijun-Sen) and any close below will drag the pair till 150.80/150.50 (200 –H MA)
It is good to buy on dips around 151.25 with SL around 150.75 for the TP of 152/152
