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FxWirePro: GBPJPY struggles to close below 200-day MA, good to buy on dips

GBPJPY is consolidating within narrow range after hitting low of 144.13. It hits intraday high of 145.79 and declined more than 100 pips till 144.63. It is highly indecisive on Brexit uncertainty and slight strength in yen on declining US bond yield.GBP is trading in narrow range between 1.32450 and 1.3160 yesterday and any convincing break above 1.3300 confirms further bullishness. But yen holds strong on declining bond yield and US 3 month trades above 10 year yield for first time since 2009 (inverted curve). The pair hits intraday low of 145.06 and is currently trading around 145.15.

 

On the lower side, near term support is around 144.60-70 and any close below will take the pair to next level till 144.13/143.75.

 

The near term resistance is around 145.65 (89- H EMA) and any break above will take the pair to next level till 146/146.40/146.90.

 

It is good to buy on dips around 144.80-90 with SL around 144.30 for the TP of 146/146.40.  

 

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