GBPJPY Weekly Outlook 1 February

GBPJPY is trading higher for 3rd consecutive week and jumped more than 350 pips on weak yen. The surge in risk appetite due to coronavirus vaccine and positive economic data for the US. USDJPY is holding well above 55- day EMA, with a significant trend reversal only above 105.67 (200- day MA). The Intraday trend of GBPJPY is bullish as long as support 142.20 holds. The break above 142.71 (Sep 1st, 2020 high) confirms that the decline from 147.95 got completed at 123.58.

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The pair’s significant resistance at 144, any convincing break above targets 145/146.10. On the lower side, near term support is around 142.75, and any violation below targets 142.20/141.80/141.20.

It is good to buy on dips around 143.25-30 with SL around 142.20 for the TP of 145/146.

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