- GBP/JPY shown a minor jump above 153 and started to decline sharply from that level. The Japanese yen was trading g strong against all majors for the past two days on global equity sell-off. USD/JPY has started to fall after a minor jump till 109.71 level. The pair hits low of 151.68 and is currently trading around 151.96.
- The pair is trading slightly below trend line support at 152.45 and this confirms weakness, a decline till 150.20/150 is possible.
- On the higher side, near term resistance is around 153.28 (38.2% fibo) and any break above will take the pair till 154/154.25.
It is good to sell on rallies around 152.10-20 with SL around 153 for the TP of 150.25.
Resistance
R1- 153.28
R2 -154
R3-155
Support
S1-151.20
S2-150.25
S3- 149.35
