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Long GBP/JPY :Buy on dips : FxWirePro | October 23, 2017



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GBP/JPY 0.31% has major resistance 149.75 (support turned in to resistance) today morning after a gap up opening. The pair hits high of 150.49 and is currently trading around 150.20.



The pull back from 15 .82 got completed at 146.92 and any further bearish continuation can be seen only below that level. The near term support is around 149 and any break below will drag the 147.92 (34- day EMA )/146.95.



On the higher side, major resistance is around 150.580 and any break below will drag the pair to next level till 151.60/152.82. The pair has closed well above 20- day and 50- day MA and this confirms minor bullishness and a jump till 152.80 likely.



It is good to buy on dips around 149.75-80 with SL around 149.28 for the TP of 151.60/152.80.



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