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FxWirePro: GBP/JPY upside capped by 89- day EMA, good to sell on rallies

  • Major intraday resistance- 143.55-143.65 (23.6% retracement and 89 EMA).
     
  • The pair is declining phase and has broken major support of 144 low made on Jul 21st 2017. GBP/JPY declined till 142.27 and it is currently trading around 142.67.
     
  • GBP/JPY has shown a minor jump till 143.33 after hitting low of 142.27.The upside is capped by 89- day EMA at 143.65 and any break above will take the pair till 144/144.40 (55- day EMA)/145.Minor bullishness can be seen only above 145 level.
     
  • On the lower side, near term support is around 142.19 (61.8% retracement of 138.67 and 147.77)  and any break below will drag the pair down till 141.78 (trend line joining 135.95 and 138.67)/141.60 (200- day MA)/139.84.

It is good to sell on rallies around 143-143.10 with SL around 143.70 for the TP of 141.90/140.       

 

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