FxWirePro: GBP/JPY upside capped by 34- day EMA, good to sell on rallies
GBP/JPY recovered sharply after better than expected UK Manufacturing PMI data. UK manufacturing PMI came at 56.9 compared forecast of 55.0. The pair jumped sharply from the low of 142.10 till 142.36 at the time of writi…
GBP/JPY recovered sharply after better than expected UK Manufacturing PMI data. UK manufacturing PMI came at 56.9 compared forecast of 55.0.
The pair jumped sharply from the low of 142.10 till 142.36 at the time of writing. Short term trend is slightly weak as long as resistance 143.20 holds.
On the lower side, major support is around 141.40. Any break below 141.40 will drag the pair till 141 (200- H MA)/140. Minor bearish continuation only below 139.30 level.
The near term resistance is around 142.65 (34- day EMA) and any break above will take the pair till 143.20/144.
It is good to sell on rallies around 142.35-142.40 with SL around 143.20 for the TP of 141/140.
