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FxWirePro: GBP/JPY downside capped by 23.6% fibo, good to buy on dips

  • GBP/JPY has recovered sharply after hitting low of 155.23 yesterday.  The pair recovered almost 140 pips. It is currently trading around 156.23.
     
  • Intraday trend is bearish as long as resistance 155.25 (23.6% 151.97 and 156.44) holds.
     
  • On the lower side, minor support is around 155.25 (23.6% fibo) and any break below will drag the pair to next level till 155/154.60/154.08/153. Major weakness can be seen below 151.95.
     
  • The near term resistance is around 157.10 (161.8% fibo) and any break above will take the pair to next level till 158/159.50.

It is good to buy on dips around 155.85-90 with SL around 155 for the TP of 157/158.

 

 

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2018-02-21 00:41:06
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