FxWirePro: GBP/JPY upside capped by 7- day MA, good to sell on rallies
GBPJPY has shown a minor recovery after showing a minor dip below 140 level. The pair upside capped by 7—day MA and any minor bullishness can be seen above that level. Intraday trend is still weak as long as resistance 1…
GBPJPY has shown a minor recovery after showing a minor dip below 140 level. The pair upside capped by 7—day MA and any minor bullishness can be seen above that level. Intraday trend is still weak as long as resistance 141.75 holds. It is currently trading around 140.35.
The near term minor resistance 141.30 (7- day MA) and any break above confirms minor bullishness, a jump till 141.75 (23.6% retracement of 147.77 and 139.78)/142.80/143.20. Overall bearish invalidation only above 147.70.
On the lower side, any daily close below 140 will confirm bearish continuation and dip till 138.67 (Jun 12th 2017 low)/135.59 (Apr17th 2017 low) is likely.
It is good to sell on rallies around 140.65-140.75 with SL around 141.75 for the TP of 138.67/135.60.
