FxWirePro:GBP/JPY trades well below 21-day MA, decline till 142.50 likely
Major resistance – 144.65 (trend line joining 148.45 and 147.35) Major support – 142.50 (21- day MA) GBP/JPY broken major support at 144.25 21- day MA and closed slightly well below that level on Friday. Any close below …
Major resistance – 144.65 (trend line joining 148.45 and 147.35)
Major support – 142.50 (21- day MA)
GBP/JPY broken major support at 144.25 21- day MA and closed slightly well below that level on Friday. Any close below 21- day MA will drag the pair down till 142.50 (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 144.65 and any break above that level will take the pair to next level till 145.97/146.35 (Dec 20th 2016 high)/147.35.
Overall trend reversal only above 148.50.
It is good to sell on rallies around 143.75-80 with SL around 144.65 for the TP of 142.60/140.
