FxWirePro: GBP/JPY struggles to close above 132, good to sell on rallies
Major resistance – 131.85 (9 day EMA). The pair has recovered sharply after making a high of 131.85 yesterday. It is currently trading around 130.75. UK employment data and earnings data which was released yesterday show…
The pair has recovered sharply after making a high of 131.85 yesterday. It is currently trading around 130.75.
UK employment data and earnings data which was released yesterday showed an unexpected improvement in labor market.UK jobless claim fell by 8.6K compared to the forecast of 9.5K.
In the daily chart, GBP/JPY jumped till 131.80 but not able close above 131.85 (9 –day EMA). The pair should jump above 131.85 for further jump till 133/134.05 in the short term.
On the lower side, the pair should break below 128.60 for further weakness till 126.69.
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 around 130.65-130.70 with SL around 131.85 for the TP of 128.65/126.69
