FxWirePro: GBP/JPY upside capped by 55- day EMA, good to sell on rallies
GBP/JPY declined from the high of 149.79 made yesterday. The minor weakness in the pair was mainly due to slightly weaker than expected UK CPI data. UK CPI data came at 2.7% YOY compared to forecast of 2.8% and core CPI …
GBP/JPY declined from the high of 149.79 made yesterday. The minor weakness in the pair was mainly due to slightly weaker than expected UK CPI data. UK CPI data came at 2.7% YOY compared to forecast of 2.8% and core CPI also came slightly below estimate at 2.4% compared to forecast of 2.5%. The pair hits low of $148.80 and is currently trading around 149.13.
The major resistance is around 149.73 (55- day EMA) and any break above targets 150.40/150.93. The major trend reversal only above 150.95.
On the lower side, near term support is around 148.50 and any close below will drag the pair till 148/147.50 (200- day MA)/146.95/146.40.
It is good to sell on rallies around 149.20-25 with SL around 149.80 for the TP of 148/147.70.
