Major resistance- 152 (38.2% retracement of 195.88 and 124.72).
GBP/JPY is in bullish trend for the past one week. The pair jumped from the close of 142.19 till 151.55 previous week. It is currently trading around 150.53.
The pair is showing a minor decline after hitting a high of 151.58.Any bullish continuation only above 152 level. The momentum indicator RSI is in over bought zone and showing bearish divergence. So slight dip till 148 likely.
On the higher side, any break above 152 will take the pair to next level till 153.50/155.
The near term support is around 150 and any break below will drag the pair down till 149.12 (23.6% retracement of 141.19 and 151.58)/148.19 (5- day MA).
It is good to sell on rallies around 151 with SL around 152 for the TP of 149.15/148.20.
GBP/JPY is in bullish trend for the past one week. The pair jumped from the close of 142.19 till 151.55 previous week. It is currently trading around 150.53.
The pair is showing a minor decline after hitting a high of 151.58.Any bullish continuation only above 152 level. The momentum indicator RSI is in over bought zone and showing bearish divergence. So slight dip till 148 likely.
On the higher side, any break above 152 will take the pair to next level till 153.50/155.
The near term support is around 150 and any break below will drag the pair down till 149.12 (23.6% retracement of 141.19 and 151.58)/148.19 (5- day MA).
It is good to sell on rallies around 151 with SL around 152 for the TP of 149.15/148.20.