FxWirePro: GBP/JPY struggles to close above 200- day MA, good to sell on rallies
GBP/JPY has shown huge jump of almost 150 pips from the low of 146.55 yesterday. The pair hits high of 148.01 and is currently trading around 146.40. The yen was trading weak on account of profit booking. But resignation…
GBP/JPY has shown huge jump of almost 150 pips from the low of 146.55 yesterday. The pair hits high of 148.01 and is currently trading around 146.40.
The yen was trading weak on account of profit booking. But resignation of Gary Cohn and Trump’s trade war will support the prices of Yen. GBP/JPY’s near term resistance is around 148 (trend line resistance) and any break above will take the pair to next level till 148.50/149. Any close above 150 confirms minor bullishness, a jump till 150.50/150.82.
On the lower side, near term support is around 146.50 (55- H EMA) and any break below will drag the pair till 146.25 (Hourly Kijun-Sen)/145.
It is good to sell on rallies around 146.85-90 with SL around 148 for the TP of 145.
