- GBP/JPY has shown a good jump almost 148 pips in Asian session on easing trade war concerns. The yen has shown a minor recovery against all pairs due to short covering. But overall trend is still bearish. USD dollar was trading weak and was trading 0.42% lower against GBP. GBP/JPY hits high of 149.18 at the time of writing. It is currently trading around 149.11.
- With little to no economic data ahead market movement depends on US- China trade war.
- The major resistance is around 149.65 (55- day EMA) and any break above targets 150.20/150.57 (100- day MA). The major trend reversal only above 150.95.
- On the lower side, near term support is around 148.36 (23.6% fibo) and any close below will drag the pair till 148/147.60 (233- day MA)/146.95/146.40.
It is good to buy on dips around 148.35-40 with SL around 147.60 for the TP of 149.65/150.55.
