Wednesday’s decline deepened initially yesterday – on the back of JPY strength like in AUDJPY. But levels below the 200 day average, and near the 13 day line attracted fresh buyers. The resulting rally meant that GBPJPY closed with only minor net movement – indecisive price action. But although that fact, coupled with stalling at the 200 day line, adds a note of caution, the downside rejection is expected to impact on price action.
We look to Buy at 148.50 and 148.16
Stop is 147.59 offered
Targets; 148.82, 149.22 or even 149.73
Closing 4pm London time