FxWirePro: GBP/JPY trades weak, good to sell on rallies
Major resistance -130.82 (55- day EMA) Major support – 126.40 (trend line joining 125.91 and 126.12). GBP/JPY has declined sharply from the high of 130.35 as yen rises against all major pairs as Trump leads in the US pre…
Major support – 126.40 (trend line joining 125.91 and 126.12).
GBP/JPY has declined sharply from the high of 130.35 as yen rises against all major pairs as Trump leads in the US presidential election race. It is currently trading around 127.90.
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The pair’s major resistance is around 129.22 (34- day EMA) and any break above will take the pair to the next level till 130/130.85.The minor resistance is around 128.60
On the lower side, major support is around 126.40 and any break below will drag the pair till 125.80/124.80 in the short term.
Overall trend reversal only above 133.26 (100- day MA).
It is good to sell on rallies around 128.60 with SL around 129.25 for the TP of 127/126.45.
