FxWirePro: GBP/JPY struggles to break above 140, good to sell on rallies
Major resistance- 140 GBP/JPY has declined sharply after making a high of 139.01. It is currently trading around 136.59. Short term trend is still weak as long as resistance 140 holds. The bear trend from 160.11 till 133…
GBP/JPY has declined sharply after making a high of 139.01. It is currently trading around 136.59.
Short term trend is still weak as long as resistance 140 holds.
The bear trend from 160.11 till 133.21 will come to an end if the pair breaks and closes above 140 level.
Any break above 140 will take the pair to immediate resistance at 142.50 (7 day EMA)/ 144.08 (High made after Brexit)/146.66 (Daily Tenkan-Sen).The minor resistance is around 139.
On the lower side, minor support is around 137 (21 4H MA) and any break below targets 135/133.21.
It is good to sell on rallies around 137.50-138 with SL around 140 for the TP of 135/133.50
