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FxWirePro: Sell GBP/JPY on rallies

  • GBP/JPY continuing its weakness for third consecutive day and declined almost more than 500 pips after recovering till 154.04 on Feb 8th 2018. The pair hits 1-1/2 month low at 148.88 on Feb 9th and is slightly consolidating from that level. It is currently trading around 149.88.
     
  • The Japanese yen was trading higher against all majors on account of increasing safe haven demand. Technically for the intraday the pair should break above 150.82 (support turned into resistance) for jump till 151.31 (100- H MA)/151.85 (38.2% fibo).
     
  • On the lower side, near term support is around 149.60 and any break below will drag the pair till 149.35/148.85. The major support is around 148.50 (38.2% fib) and any break below will take the pair till 148/147.63.

It is good to sell on rallies around 150.25-30 with SL around 150.85 for the TP of 149.35/148.80.

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