- Major resistance – 133.30 (7 day EMA).
- The pair has erased gains sharply after making a high of 132.83 yesterday.It is currently trading around 131.95.
- GBP/JPY breaks major support 132 confirms continuation bearishness , a decline till 130/128.60 is possible.
- Yen continues to surge against all major pairs as weakness in global equity markets ahs supportive for safe haven appeal.
- In the hourly chart GBP/JPY is trading slightly above Tenkan-Sen (131.73). So a slight jump till 132.35 is possible.
- On the higher side, the pair should break above 133.35 (7 day EMA) for further bullishness. Any break above 133.35 will take the pair till 133.80/134.05/135.25.
- It must break above 140 for the short-term trend reversal. The support is around 132 and any break below will drag the pair till 130/128.60 (Jul 6th low).
It is good to sell on rallies with SL around 133 for the TP of 135.50/136.25.
