• FxWirePro: GBP/JPY struggles to close above 150, good to sell on rallies

    Source: FxWire Pro - Technicals / 28 Feb 2018 02:23:58   Eastern Standard Time

    • GBP/JPY has been once again shown good selling after hitting high of 149.81 yesterday. The pair decline was mainly due to slight dip in Pound sterling after hitting trend line resistance at 1.40699. The pair hits low of 148.65 and is currently trading around 148.80.
    • The GBP was showing profit booking against all majors yesterday after Powell congress testimony. Powell stated that fed will upgrade US economic outlook next meeting and affirms that inflation will rise and reach our target of 2% this year. GBP/JPY technically facing strong resistance around 150 and any break above will take the pair to next level till 150.50/150.82. Any break above 150.82 targets 151.30/152.18. Any close above 152.18 confirms further bullishness and a jump till 153/153.50 likely.
    • On the lower side, near term support is around 149 and any break below will drag the pair till 148.50 (38.2% fibo)/147.95.

    It is good to sell on rallies around 149.65-70 with SL around 150.20 for the TP of 148.50/147.95.