GBP/JPY faces strong support at 21- day MA, break below targets 142.50
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.…
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
