- GBP/JPY has formed temporary top around 152.86 on Sep 21st 2017 and started to consolidate from that level. It is currently trading around 149.68.
- The pair has shown a major decline yesterday after weaker than expected UK PMI data. GBP/JPY declined till 149.28 and shown a minor recovery. Short term trend is weak as long as resistance 151.60 (Sep 28th 2017 high).
- On the lower side, near term support is around 149 and any break below will drag the pair down till 148.14 (20- day MA)/147.09 (34- day EMA)/146.45 (daily Kijun-Sen).
- The near term resistance is around 151 and any break above will take the pair till 151.60/152.85. Any bullish continuation only above 152.85 level.
It is good to sell on rallies around 150.35-150.40 with SL around 151.60 for the TP of 148.40/147.10.
Resistance
R1- 151
R2 151.60
R3- 152.85
Support
S1- 149
S2-148.15
S3-147.09
