FxWirePro: GBP/JPY upside capped by 100 –day MA, good to sell on rallies
GBP/JPY is trading highly volatile due to trade war worries. The pair jumped slightly above 150 and declined almost 75 pips from the high of 150.10. The minor weakness in the pair was due to continuing weakness in equity…
GBP/JPY is trading highly volatile due to trade war worries. The pair jumped slightly above 150 and declined almost 75 pips from the high of 150.10. The minor weakness in the pair was due to continuing weakness in equity markets and that increased demand for safe haven. GBP/JPY recovered till 149.54 and is currently trading around 149.39.
The major resistance is around 150.60 (100- day MA) and any break above targets 150.95/151.50. The major trend reversal only above 150.95. The near term resistance is around 149.70.
On the lower side, near term support is around 148.80 and any close below will drag the pair till 148.40/147.70.
It is good to sell on rallies around 149.55-60 with SL around 150.10 for the TP of 148.40/148.
