FxWirePro: GBP/JPY takes support near 200 –day MA, good to sell on rallies
Monday, February 20, 2017 1:47 PM UTC
- Major resistance - 142.25 (trend line joining 144.78 and 144.69)
- Major support – 139.60 (200- day MA)
- GBP/JPY has broken major support at 141 and declined till 139.60 on Friday. It has taken support near 200- day MA and minor weakness can be seen only below that level.
- The pair is facing strong trend line resistance at 142.25 and any close above targets 144.13 high made on Feb 1st 2017/144.78 (Jan 27th 2017 high).
- On the lower side, any break below 139.60 (200- day MA) and any break below will drag the pair till 138.50 (Feb 7th 2017 low)/136.45 (Jan 16th 2017 low).
It is good to buy on dips 140.55-140.60 with SL around 139.60 for the TP of 142.25/144.10.