- Major resistance – 132.50 (7 day EMA).
- The pair has erased gains sharply after making a high of 132.50 yesterday. It is currently trading around 130.95.
- GBP/JPY breaks major support 132 and declined till 130.36.
- Yen continues to surge against all major pairs as weakness in global equity markets has supportive for safe haven appeal.
- In the hourly chart GBP/JPY is trading slightly below Kijun-Sen (131.45). So it should break above 131.50 for further bullishness.
- On the higher side, the pair should break above 132.50 (7 day EMA) for further bullishness. Any break above 132.50 will take the pair till 133.25/133.80/134.05/135.25.
- 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 around 132.35 with SL around 133.35 for the TP of 130/128.65
