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FxWirePro: GBP/JPY trades below trend line support, good to sell on rallies

  • GBP/JPY has formed a minor top around 150.32 and shown decline from that level. The pair dipped  till 148.45 and is currently trading around 148.70
     
  • The main dip in the pair was mainly due to weakness in Pound. GBP was trading weak against all other pairs due to Brexit talks and political scandal.
     
  • The pair has broken trend line support at 149 and is trading slightly below that level. In the four hour chart pair is trading well below 233- MA- and 100- MA. Intraday trend is weak and a dip till 148 (55- day EMA)/147 likely.
     
  • On the higher side, near term resistance is around 149.70 and any break above will take the pair to next level till 150.35/151/151.60. Overall bullish continuation only above 152.86.

It is good to sell on rallies around 148.75-80 with SL around 149.70 for the TP of 147.

 

 

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