GBP/JPY: Good Support Around 148.43

Published 04/03/2018, 07:15 AM
Updated 07/09/2023, 06:31 AM

GBP/JPY Forecast: The pair has formed a very good support around 148.43 and shown a small recovery from that level.

This recovery was due to slight jump in Pound against other majors. But yen recovered a bit due to tariff introduction by China up to 25% on 128 U.S products including pork and wine. GBP/JPY recovered till 149.67 and is currently trading around 149.45.

GBP/JPY H4 Chart

The major resistance is around 151.16 and a break above will open doors for 152.84 and 153.88 respectively. The near term resistance is around 149.48 and a break above this immediate resistance confirms minor uptend in GBP/JPY.

On the downside, near term support is around 148.40 and any close below will drag the pair till 146.75 and 145.07 respectively.

We will look to add a long somewhere between 148.40 – 148.50 with a SL of 147.58 and a target of 149.43 and 151.11 respectively.

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