- Major resistance – 152 (trend line joining 153.40 and 152).
- GBP/JPY is consolidating after hitting a high of 151.91 yesterday. The pair is trading between 152.01 and 151.27 for the past two trading session. It is currently trading around 151.61.
- The yen is trading weak against all majors after BOJ has maintained accommodative policies. The central bank kept its interest rates unchanged at -0.1% and 10 Year JGB target at 0%. The central bank will continue to buy and annual amount of JPY 80T JGBs. BOJ said in a statement that “Japan’s economy is expanding moderately and likelihood of inflation reaching 2% target is very low.
- On the higher side, major resistance is around 152 and any break above will take the pair to next level till 153.40/155.
- The near term support is around 150.89 (4H Tenkan-Sen ) and any break below will drag the pair till 150/149.
It is good to buy above 152 with SL around 151 for the TP of 153.40/155.
