FxWirePro: GBP/JPY recovers after BOJ monetary policy, good to sell on rallies
Major support – 129.06 (Aug 15th 2016 low). Major resistance – 133.56 (100- H MA). GBP/JPY has pared its losses after BOJ has kept its interest rates unchanged at minus 0.1 pct and will continue its asset purchase until …
GBP/JPY has pared its losses after BOJ has kept its interest rates unchanged at minus 0.1 pct and will continue its asset purchase until inflation has stabilised around its 2% target.
The pair recovered till 133.26 and started to decline from that level. It is currently trading at 132.94
The pair is facing strong resistance at 100- H MA and any break above will take the pair to next level till 134.65 (200- H MA). Any close above 200-HMA will target to next level at 135/136.62.
In the hourly chart, the pair is trading well above Tenkan-Sen (131.98) and 131.98 (Kijun-Sen).
On the lower side, 131.98 will be acting as minor support and any break below targets 130/129.06 (Aug 15th 2016 low)/126.67.
It is good to sell on rallies around 133 with SL around 133.50 for the TP of 131.98/130
