GBP/JPY trades slightly below 140, decline till 138.50 likely
Major resistance – 141.50 (200- day MA) Major support -139.54 (89- day EMA) The pair breaks major support 140 and declined till 139.63 at the time of writing. It is currently trading around 139.90. GBP/JPY upside is capp…
The pair breaks major support 140 and declined till 139.63 at the time of writing. It is currently trading around 139.90.
GBP/JPY upside is capped by 200- day MA and any break above 141.50 will take the pair to next level till 142.58 (30- day EMA)/143.40 (61.8% retracement of 145.40 and 140.17).The minor resistance is around 141.
Major support is around 139.50 (89- day EMA) and any break below will drag the pair down till 138.50/135 in the short term.
It is good to sell on rallies around 140 with SL around 141 for the TP of 138.55/135
