Friday, October 16, 2026

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FxWirePro: GBP/JPY faces trend line resistance at 128.20, good to sell on rallies

Major resistance- 128.25 (trend line joining 127.70 and 127.89). Major support- 126.25 GBP/JPY started to decline after jumping till 128.16 level. It is currently trading around 127.32. Short term trend is weak as long a…

By FxWirePro Team
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FxWirePro: GBP/JPY faces trend line resistance at 128.20, good to sell on rallies
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  • Major resistance- 128.25 (trend line joining 127.70 and 127.89).
     
  • Major support- 126.25
     
  • GBP/JPY started to decline after jumping till 128.16 level. It is currently trading around 127.32.
     
  • Short term trend is weak as long as resistance 128.20 holds. Any violation above 128.20 will take the pair to next level till 128.60/129.50 level.
     
  • On the lower side, support is around 127 (100- H MA) and any indicative break below will drag the GBP/JPY further down till 126.25/125.90.

It is good to sell on rallies around 127.50-1.27.60 with SL around 128.20 for the TP of 126.26/125.90

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By FxWirePro Team