Intraday trading analysis (tips) on GBP/JPY for 1 June 2011, we recommend to trade long (buy) GBPJPY pair above 133.35 for target of 133.85 and 134.45 placing the stop loss below 133.05.
Reason for trading GBPJPY long: The GBPJPY pair has been trading in very volatile suggesting for the range trading opportunity. So trading with the support resistance levels we advice to traders to take long position only. The traders must only look for buying opportunity as long as the pair remains above 132.85 level. Technical indicators are however mixed, suggesting traders to trade cautiously as volatility may remain higher in GBPJPY pair.