FxWirePro: GBP/JPY declines sharply, good to sell on rallies
GBP/JPY is continuing its weakness and has declined almost more than 200 pips this week on strong dollar. The pair hits low of 143.98 on account of renewed geo political tensions especially Italy political uncertainty. G…
GBP/JPY is continuing its weakness and has declined almost more than 200 pips this week on strong dollar. The pair hits low of 143.98 on account of renewed geo political tensions especially Italy political uncertainty. GBP continuing its weakness and has declined more than 50 pips after breaking 1.3000. USD/JPY declined sharply almost 70 pips for the intraday and is currently trading around 108.70. GBPJPY is currently trading around 144.02.
The pair is facing strong resistance at 145 and any convincing break above will take the pair to next level till 146.18 (365- day MA)/146.66/147.The minor resistance is around 147.82.
On the lower side, near term major support is around 145 and any convincing break below will drag the pair to next level till 143.
It is good to sell on rallies around 145.10-20 with SL around 146.18 for the TP of 143.
