FxWirePro: GBPJPY downside capped by 50- day MA, good to sell on rallies
Ichimoku Analysis (Daily Chart)
Tenken-Sen- 144.55
Kijun-Sen- 143.62
GBPJPY continues to trade lower and lost more than 650 pips from a temporary top around 147.95. Markets are trading with thin volumes on Christmas and New Year festive mood. The decline was mainly due to strong Pound sterling on hopes of no-deal Brexit. The Pound Sterling is trading extremely weak against USD and slumped well below 1.3000 level from a temporary top around 1.35149. It hits a low of 1.29047 and is currently trading around 1.29302.
Technically the pair is facing strong support at 141.05 (50- day MA), any break below confirms major weakness and a dip till 140/138.
On the higher side, the minor level to be watched is 142.55 and the break above targets 143.20/144.25.
It is good to sell on rallies around 141.75-80 with SL around 142.55 for the TP of 140/138.80.
