FxWirePro: GBP/JPY recovers from low of 131.44, good to sell on rallies
Major resistance – 133.30 (7 day EMA). The pair has erased gains sharply after making a high of 132.83 yesterday.It is currently trading around 131.95. GBP/JPY breaks major support 132 confirms continuation bearishness ,…
The pair has erased gains sharply after making a high of 132.83 yesterday.It is currently trading around 131.95.
GBP/JPY breaks major support 132 confirms continuation bearishness , a decline till 130/128.60 is possible.
Yen continues to surge against all major pairs as weakness in global equity markets ahs supportive for safe haven appeal.
In the hourly chart GBP/JPY is trading slightly above Tenkan-Sen (131.73). So a slight jump till 132.35 is possible.
On the higher side, the pair should break above 133.35 (7 day EMA) for further bullishness. Any break above 133.35 will take the pair till 133.80/134.05/135.25.
It must break above 140 for the short-term trend reversal. The support is around 132 and any break below will drag the pair till 130/128.60 (Jul 6th low).
It is good to sell on rallies with SL around 133 for the TP of 135.50/136.25.
