• FxWirePro: GBP/JPY daily outlook

    Source: FxWire Pro - Technicals / 21 May 2018 05:19:55   America/New_York

    • GBP/JPY is consolidating in narrow range after hitting high of 150 on Friday. The pair jumped almost 200 pips in previous week .The yen was trading weak against all majors today on account of easing geo political tensions . USD/JPY trades higher and hits high of 111.349. But GBP was trading weak against all majors especially with USD. Cable declined sharply almost 100 pips for the day.  GBP/USD has broken previous week high of 1.34500 and declined till 1.3400 level. GBPJPY hits low of 149.10 and is currently trading around 149.10.
       
    • The pair is facing strong resistance at 150 and any convincing break above 150 will take the pair to next level till 150.64 (100- day MA)/151/152.80.
       
    • On the lower side, near term major support is around 149 and any decline below will drag the pair to next level till 148/147.

    It is good to buy on dips around 149 with SL around 148 for the TP of 150.64/151.

     

     

     

     

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