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FxWirePro: GBP/JPY Daily Outlook

Major resistance  142.47 (23.6% fib)

The pair recovered sharply till 142.47 an started to decline from that level. Short term trend is weak as long as resistance 142.47 holds. JPY was trading strong against all majors amid easing trade war tensions. The pair has lost more than 100 pips from the yesterday’s high of 141.32.

The near term resistance is around 141.35 and any break above targets 141.95 (200- H MA)/142.47. Any violation above 142.47 will take the pair to next level till 143/143.59.

On the lower side, near term support is around 140 and any violation targets 138/136 level.

It is good to sell on rallies around 140.95-141 with SL around 141.40 for the TP of 138.

 

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