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GBP/JPY trades below 130, decline till 128.65/126.70 likely

Tuesday, August 16, 2016 3:53 AM UTC

Major resistance – 131.92 (7 day EMA).
The pair has broken major pschycological support 130 and declined till 129.53at the time of writing.It is currently trading around 129.61.
Yen continues to surge against all major pairs as weakness in global equity markets has supportive for safe haven appeal.
Market awaits UK consumer price inflation and US CPI to be released today for further movement.
In the daily chart GBP/JPY is trading well below 7 – day EMA. So a decline till 128.60/126.69 (1.13% of 128.60 and 143.23) is possible.
On the higher side, the pair should break above 132 (7 day EMA) for further bullishness. Any break above 132 will take the pair till 132.80/133.25/134.The minor resistance is around 130/130.92 (5 DMA).
It must break above 140 for the short-term trend reversal. The support is around 132 and any break below will drag the pair till 130/128.60 (Jul 6th low).

It is good to sell on rallies around 130.80-90 with SL around 132 for the TP of 128.65/126.69

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GBP/JPY trades below 130, decline till 128.65/126.70 likely

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