FxWirePro: GBP/JPY upside by 23.6% retracement, good to sell on rallies
Major resistance – 132.40 (23.6% retracement of 143.23 and 129.06). The pair has recovered sharply till 132.25 after making a low of 130.01 at the time of writing. It is currently trading around 131.68. Cable clocked a f…
Major resistance – 132.40 (23.6% retracement of 143.23 and 129.06).
The pair has recovered sharply till 132.25 after making a low of 130.01 at the time of writing. It is currently trading around 131.68.
Cable clocked a fresh two-week high yesterday after better than expected UK economic data.
In the daily chart GBP/JPY jumped till 132.25 but not able close above 132.40. The pair should jump above 132.40 for further jump till 133/134.05 in the short term.
On the lower side, the pair should break below 130 for minor weakness. Any break below 130 will drag the pair till 128.60/126.69
It must break above 140 for the short-term trend reversal.
It is good to sell on rallies around 131.80 with SL around 132.50 for the TP of 128.65/126.69
