- Major resistance – 132.10 (9 day EMA).
- The pair has recovered sharply after making a low of 129.06 yesterday. It is currently trading around 129.61.
- Yen continues to surge against all major pairs as weakness in global equity markets has supportive for safe haven appeal.
- Market awaits UK Claimant count change and Unemployment rate data which is to be released for further direction.
- In the daily chart GBP/JPY jumped till 131.80 but not able close above 132.10 (9 –day EMA). The pair should jump above 132.10 for further jump till 133/134.05 in the short term.
- On the lower side, the pair should break below 128.60 for further weakness till 126.69.
- 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 around 131.50 with SL around 132.10 for the TP of 128.65/126.69
