FxWirePro: GBP/JPY struggles to close above trend line resistance, good to sell on rallies
Major resistance – 140.60 (55- day EMA) Major support -138.40 GBP/JPY formed a minor bottom around 138.43 and jumped slightly from that level. It is currently trading around 139.69. On higher side, the pair showed a slig…
GBP/JPY formed a minor bottom around 138.43 and jumped slightly from that level. It is currently trading around 139.69.
On higher side, the pair showed a slight jump till 140.49 and started to decline from that level. It should break above 140.60 (55- day EMA) and any close above will take the pair till 141.77 (Feb 24th 2017 high)/142.36 (61.8% retracement of 144.78 and 138.43).
The major near term support stands around 138.40 and any break below will drag the pair till 136.45.
The decline from 195.50 to 124 will come to an end only if the pair breaks above 148.45.
It is good to sell on rallies around 140-140.10 with SL around 140.75 for the TP of 138.40/136.45
