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FxWirePro: GBP/JPY forms bearish engulfing pattern, good to sell on rallies

Candle stick pattern- Bearish Engulfing pattern

 

Major support - 146.70 (10- day MA)

GBPJPY has dropped sharply from high of 149.71 on Friday. The pair lost more than 250 pips on Brexit uncertainty. GBP was trading weak against all majors and lost more than 150 pips on Friday after EU officials rejected Theresa May chequer plan.

 

On the lower side , near term major support is around 146.70 (10 day MA) and any violation below targets 145.95/145 (21 day MA).

 

The near term resistance is around 147.75 (7- day MA) and any break above targets 148.25/149.30. The pair should break above 150 for further bullishness.

 

It is good to sell on rallies around 148.25-30 with SL around 149.30 for the TP of 146/145

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