- Major Resistance – 152.50 (Dec 1st 2017 high).
- GBP/JPY declined sharply on Friday almost 150 pips on Friday on weak pound sterling. GBP dipped slightly against all majors yesterday on uncertainty over Brexit negotiation. GBP recovered sharply after UK’s PM Theresa May said that good progress being made in Brexit talks.
- The pair has jumped sharply from the low of 150.57 and breaks high of 152.48 made yesterday. It has jumped till 152.71 at the time of writing. The pair is trading bullish and any break above 152.86 confirms major bullishness.
- The pair’s intraday weakness can be seen below 151.50 (20- 4H MA) and any violation below will drag the pair to next level till 150.45 (34- 4H EMA)/150. Any break below 150 confirms minor weakness, a dip till 147 cannot be ruled out.
- GBP/JPY formed temporary top around 152.86 and started to decline from that level. Any short term bullishness above 152.86. Any convincing jump above the level will take the pair to next level till 154/155.
It is good to buy on dips around 152.40-45 with SL around 151.50 for the TP of 154.40/155.