FxWirePro: GBP/JPY downside capped by 200 –day MA, good to sell on rallies
Major support – 136.98 (200- day MA) Major resistance – 140.10 GBPJPY broken the major support at 137.50 low formed on Mar 29th 2017 yesterday and declined till 137.08 level . It is currently trading around 137.65. The d…
GBPJPY broken the major support at 137.50 low formed on Mar 29th 2017 yesterday and declined till 137.08 level . It is currently trading around 137.65.
The downside is capped by 200- day MA and any break below will drag the pair down till 136.45 (Jan 16th 2017 low)/135.96 (161.8% retracement of 137.51 and 140.09).
On the higher side, minor resistance is around 138.25 (38.2% retracement 140.09 and 137.08) and any break above targets 138.91 (daily Kijun-Sen)/139.85 (55- day EMA).
Minor bearish invalidation only above 140.70.
It is good to sell on rallies around 137.75-80 with SL around 138.25 for the TP of 136.45/135.98.
