GBP/JPY faces strong support at 21- day MA, break below targets 142.50
Friday, December 23, 2016 8:22 AM UTC
- Major resistance – 145.20 (trend line joining 148.45 and 147.35).
- Major support – 144.10 (21- day MA)
- GBP/JPY started to show a decline after jumping till 146.35 from the low of 144.52. The pair breaks minor support 144.50 low of 19th Dec but it is facing strong support at 21- day MA. Any violation below that level will drag the pair down till 143.35 (21- day EMA)/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 145.20 and any break above that level will take the pair to next level till 146.35 (Dec 20th 2016 high)/147.35.
- Overall trend reversal only above 148.50.
It is good to sell on rallies around 144.25-30 with SL around 145.20 for the TP of 142.60
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