FxWirePro: GBP/JPY hits fresh 10- month high, good to sell on rallies
The pair continued its winning streak for fifth consecutive days on account hawkish statement by BOE in yesterday meeting. The pair has broken major resistance at 148 and hits almost 10 month high at 148.90 It is current…
The pair continued its winning streak for fifth consecutive days on account hawkish statement by BOE in yesterday meeting. The pair has broken major resistance at 148 and hits almost 10 month high at 148.90 It is currently trading around 148.73.
GBP/JPY has formed bearish divergence in daily chart (over bought zone) and slight selling is possible from this level.
On the higher side, near term resistance is around 149.42 (161.8% retracement of 148.34 and 146.60) and any break above will take the pair to next level till 150/153.23 (161.8% retracement of 147.77 and 139.30).
The major near term support is at 146.60 low formed yesterday and any break below will drag the pair down till 145.15/144.Minro weakness can be seen only below 143.
It is good to sell on rallies around 149.50 with SL around 151 for the TP of 146.60/145.20.
