• FxWirePro: GBP/JPY struggles to close above 200- day ma, good to sell on rallies

    Source: FxWire Pro - Technicals / 07 Mar 2018 05:10:36   Eastern Standard Time

    • GBP/JPY has shown huge jump of almost 150 pips from the low of 146.55 yesterday. The pair hits high of 148.01 and is currently trading around 146.40.
    • The yen was trading weak on account of profit booking. But resignation of Gary Cohn and Trump’s trade war will support the prices of Yen. GBP/JPY’s near term resistance is around 148 (trend line resistance) and any break above will take the pair to next level till 148.50/149. Any close above 150 confirms minor bullishness, a jump till 150.50/150.82.
    • On the lower side, near term support is around 146.50 (55- H EMA) and any break below will drag the pair till 146.25 (Hourly Kijun-Sen)/145.

    It is good to sell on rallies around 146.85-90 with SL around 148 for the TP of 145.