GBP/JPY trades below 10- day MA, dip till 148 likely
GBP/JPY has formed temporary top around 152.86 on Sep 21st 2017 and started to consolidate from that level. It is currently trading around 149.90. The pair has shown a major decline yesterday after weaker than expected U…
GBP/JPY has formed temporary top around 152.86 on Sep 21st 2017 and started to consolidate from that level. It is currently trading around 149.90.
The pair has shown a major decline yesterday after weaker than expected UK PMI data. GBP/JPY declined till 149.28 and shown a minor recovery. Short term trend is weak as long as resistance 151.60 (Sep 28th 2017 high).
On the lower side, near term support is around 149 and any break below will drag the pair down till 148.14 (20- day MA)/147.09 (34- day EMA)/146.45 (daily Kijun-Sen).
The near term resistance is around 151 and any break above will take the pair till 151.60/152.85. Any bullish continuation only above 152.85 level.
It is good to sell on rallies around 150.35-150.40 with SL around 151.60 for the TP of 148.40/147.10.
