• FxWirePro: GBP/JPY trades slightly above 200 -h ma, good to buy on dips

    Source: FxWire Pro - Technicals / 22 Jun 2018 05:34:44   America/New_York

    • GBP/JPY has shown a nice recovery of almost more than 150 pips from yesterday’s low of 144.59. The main reason for suddeen in GBP was due to slight hawkish comment by BOE. BOE has kept its interest rates unchanged but 3 MPC memebers prefered rate hike. So this shows BOE is expected to hike interest rates by Aug. GBP jumped almost 200 pips from the low of 1.31020 made yesterday. US dollar index has declined sharply of 100 pips from the high of 95.51 and it is trading around 94.50. GBP/JPY hits intraday high of 146.60 and is currently trading around 146.58.
       
    • The pair is trading well above 200- H MA at 146.39 and if it closes above that level in hourly chart,a jump till 147.20/148 likely.
       
    • On the lower side, near term support is around 145.50 (hourly Kijun sen) and any break below will take the pair to next level till 145/144.35/143.

      It is good to buy on dips around 145.60-65 with SL around 144.95 for the TP of 148.    

     

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