FxWirePro: GBP/JPY trades in narrow range, good to sell on rallies
GBP/JPY has shown a good jump after hitting low of 148.93 yesterday on account good recovery in GBP against all majors. GBP recovered sharply against USD on hopes of fresh solution on Irish border. Yen declined yesterday…
GBP/JPY has shown a good jump after hitting low of 148.93 yesterday on account good recovery in GBP against all majors. GBP recovered sharply against USD on hopes of fresh solution on Irish border. Yen declined yesterday more than 100 pips against USD as US –China trade war tension eases. GBP/JPY recovered till 149.98 and is currently trading around 149.53.
The major resistance is around 150.57 (100- day MA) and any break above targets 150.95/151.50. The major trend reversal only above 150.95.
On the lower side, near term support is around 149.10 (100- H MA and any close below will drag the pair till 148.78 (200- H MA)/148.
It is good to sell on rallies around 149.55-60 with SL around 150.50 for the TP of 146/145.
