FxWirePro: GBP/JPY takes support near 200 –day MA, good to sell on rallies
Major resistance - 142.25 (trend line joining 144.78 and 144.69) Major support – 139.60 (200- day MA) GBP/JPY has broken major support at 141 and declined till 139.60 on Friday. It has taken support near 200- day MA and …
Major resistance - 142.25 (trend line joining 144.78 and 144.69)
Major support – 139.60 (200- day MA)
GBP/JPY has broken major support at 141 and declined till 139.60 on Friday. It has taken support near 200- day MA and minor weakness can be seen only below that level.
The pair is facing strong trend line resistance at 142.25 and any close above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
On the lower side, any break below 139.60 (200- day MA) and any break below will drag the pair till 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
It is good to buy on dips 140.55-140.60 with SL around 139.60 for the TP of 142.25/144.10.
