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FxWirePro:GBP/JPY consolidates after huge sell-off yesterday, good to sell on rallies

Ichimoku analysis (hourly chart)

 

Tenken-Sen- 145.03

 

Kijun-Sen - 146.08

 

GBPJPY has shown a major sell-off yesterday after resignation of Brexit Minister Raab. GBP was trading extremely weak against all majors and lost more than 300 pips against USD. GBPJPY hits low of 144.24 and is currently trading around 144.98.

 

On the lower side, near term major support is around 144.24 low made yesterday and any convincing break below targets 143.85/143. Any break below 142.77 low made on Oct 26th 2018 confirms further bearishness.

 

The near term minor resistance is around 145.48 (23.6% fib) and any violation above targets 146.08 (Kijun-Sen)/146.17 (55- H EMA). The pair downside trend will be completed only if break above 149.70.

 

It is good to sell on rallies around 145.45-145.50 with SL around 146.10 for the TP of 143.

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