FxWirePro: GBP/JPY faces strong resistance at 100- day MA, any close above confirms minor bullishness
GBP/JPY is trading flat after hitting high of 150.38 level yesterday. The pair shown a minor dip till 149.88 and is currently trading around 150.43. The minor decline in the pair was mainly due to slight weakness in GBP …
GBP/JPY is trading flat after hitting high of 150.38 level yesterday. The pair shown a minor dip till 149.88 and is currently trading around 150.43. The minor decline in the pair was mainly due to slight weakness in GBP against all majors after weaker than expected UK PMI data. GBP declined more than 100 pips from yesterday’s high of 1.40970. Market eyes US non-farm payroll data to be released today for further direction. It is currently trading around 150.40.
The major resistance is around 150.70 (trend line resistance) and any break above targets 150.95/151.50. The major trend reversal only above 150.95.
On the lower side, near term support is around 149.89 (20- day MA) and any close below will drag the pair till 1470.
It is good to sell on rallies around 150.45-50 with SL around 151 for the TP of 149.40/148.80.
