FxWirePro: Sell GBP/JPY on rallies
Tuesday, November 29, 2016 6:36 AM UTC
- First Candle stick – Doji (Nov 25th 2016) .
- Second candle stick- Closed well below the low of 1st candle.
- The pair has formed temporary top around 141.74 and started to decline sharply from that level. It is currently trading around 139.
- On the lower side, 138-138.19 (23.6% retracement of 126.70 and 141.75) will be acting as major support and any violation below will drag the pair down till 136/135 (Nov 17th low).
- The pair minor resistance stands at 140 and any violation above that level will take the pair to next level at 141/141.75. Overall bullishness can be seen only above 143.25.
It is good to sell on rallies around 139.25-30 with SL around 141 for the TP of 136/135