FxWirePro: GBP/JPY trades well below trend line support, dip till 145 likely
GBP/JPY is continuing its weakness and has declined more than 300 pips in this week due to strong yen. US Trump is planning to impose import tariff on foreign vehicles. This has increased the geo political tensions betwe…
GBP/JPY is continuing its weakness and has declined more than 300 pips in this week due to strong yen. US Trump is planning to impose import tariff on foreign vehicles. This has increased the geo political tensions between US -China. GBP was trading weak against all majors on weaker Core and headline CPI data. USD/JPY declined more than 70 pips for the intraday and is trading well below 200- day MA on account of renewed geo political tensions. But GBP was trading weak against all majors especially with USD. Cable declined sharply almost 130 pips yesterday after weak UK CPI data. GBPJPY hits low of 145.94 and is currently trading around 146.56.
The pair is facing strong resistance at 150 and any convincing break above 150 will take the pair to next level till 150.64 (100- day MA)/151/152.80.The minor resistance is around 147.20/148.
On the lower side, near term major support is around 146 and any convincing break below will drag the pair to next level till 145/143.
t is good to sell on rallies around 147-147.10 with SL around 148 for the TP of 145.
