FxWirePro: GBP/JPY trades below trend line support, dip till 150.25 likely
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 a…
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 151.79.
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.
