FxWirePro:GBP/JPY downside capped by 50% fibo, good to sell on rallies
Major resistance – 144.65 (trend line joining 148.45 and 147.35) Major intraday support – 143.48 (50% retracement of 138.51 and 148.45) GBP/JPY has once again jumped after declining till 143.48. The pair should break bel…
Major resistance – 144.65 (trend line joining 148.45 and 147.35)
Major intraday support – 143.48 (50% retracement of 138.51 and 148.45)
GBP/JPY has once again jumped after declining till 143.48. The pair should break below 143.48 for a slight decline till 142.45 (200- day MA).Any close below 200- day MA will drag the pair down till 140.
On the higher side, the next immediate resistance is around 144.25 and any break above that level will take the pair to next level till 144.65 (21- day MA)/145.35/146.35 (Dec 20th 2016 high).
Overall trend reversal only above 148.50.
It is good to sell on rallies around 144.35-40 with SL around 145.20 for the TP of 143.48/142.60.
