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FxWirePro: GBP/JPY struggles to close above 200 day 4HMA, good to sell on rallies

  • Major support - 171.50 (Kijun-Sen)
     
  • Major intraday resistance -172.55
     
  • The pair has made a high of 173.75 and started to retreat from that level. It is currently trading around 171.81.
     
  • On the downside major support is around 171.50 and any break below targets 170.97/170.50.
     
  • The pair's major resistance is around 172.55 (Tenken-Sen) and any break above will take the pair till 173/173.75/175.
     
  • It should close above 175 for further bullishness.

It is good to sell on rallies around 172.50-60 with SL around 173.75 for the TP of 171.50/170.55/170.

 

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