FxWirePro: GBP/JPY trades weak, good to sell on rallies
GBP/JPY is once again showing a minor weakness after a jump slightly above 146.17. The pair’s trend is weak as long as resistance 148.11 high made on Jun 7th 2018. GBPJPY recovered till 146.63 and started to decline shar…
GBP/JPY is once again showing a minor weakness after a jump slightly above 146.17. The pair’s trend is weak as long as resistance 148.11 high made on Jun 7th 2018. GBPJPY recovered till 146.63 and started to decline sharply from that level. Japanese yen was trading high against all majors on renewed trade worries between major economies. GBP has lost almost 100 pips after BOE’s new comer Haskel and BOE’s Mccafferty testimony. The pair hits intraday low of 1.32068 and any break below conbfirms weakness till 1.3100.US dollar index has declined sharply of 130 pips from the high of 95.51 and it is trading around 94.57. GBP/JPY hits intraday low of 144.97 and is currently trading around 145.10.
The pair is facing strong resistance at 145.48 (20 H MA) and any break above will take the pair till 146/146.60. Any close above 148.11 will take the pair to next level till 149/150.
On the lower side, near term support is around 144.69 and any break below will take the pair to next level till 144.35/143.
It is good to sell on rallies around 145.55-60 with SL around 146.60 for the TP of 143.20.
