FxWirePro: GBP/JPY upside capped by 9- day EMA, good to sell on rallies
Major resistance – 132.10 (9 day EMA). The pair has recovered sharply after making a low of 129.06 yesterday. It is currently trading around 129.61. Yen continues to surge against all major pairs as weakness in global eq…
The pair has recovered sharply after making a low of 129.06 yesterday. It is currently trading around 129.61.
Yen continues to surge against all major pairs as weakness in global equity markets has supportive for safe haven appeal.
Market awaits UK Claimant count change and Unemployment rate data which is to be released for further direction.
In the daily chart GBP/JPY jumped till 131.80 but not able close above 132.10 (9 –day EMA). The pair should jump above 132.10 for further jump till 133/134.05 in the short term.
On the lower side, the pair should break below 128.60 for further weakness till 126.69.
It must break above 140 for the short-term trend reversal. The support is around 132 and any break below will drag the pair till 130/128.60 (Jul 6th low).
It is good to sell on rallies around 131.50 with SL around 132.10 for the TP of 128.65/126.69
