FxWirePro: GBP/JPY upside capped by 7 day EMA, good to sell on rallies
Major resistance – 134.40 (7 day EMA). The pair has declined sharply from the high of 134.02 yesterday. It is currently trading around 133.11. In the hourly chart, GBP/JP Y is trading slightly well below Tenkan-Sen (133.…
The pair has declined sharply from the high of 134.02 yesterday. It is currently trading around 133.11.
In the hourly chart, GBP/JP Y is trading slightly well below Tenkan-Sen (133.25) and Kijun-Sen (133.45).
On the higher side, the pair should break above 134.40 for further bullishness. Any break above 134.40 will take the pair till 135.25/135.50/136.25.
It must break above 140 for a short-term trend reversal. The support is around 132.20 (Aug 6th low) and the break below will drag the pair till 131.60/130.
It is good to sell on rallies around 133.20-30 with SL around 134.40 for the TP of 132.20/130
