• FxWirePro: GBP/JPY upside capped by 200 –day ma, good to sell on rallies

    Source: FxWire Pro - Technicals / 06 Mar 2018 03:43:52   Eastern Standard Time

    • GBP/JPY has shown a good jump of almost 254 pips. The pair hits high of 147.45 yesterday. It is currently trading around 146.60.
    • The yen was trading weak against all majors yesterday after slight easing of trade war and safe haven demand. GBP/JPY’s near term resistance is around 147.75 (200- day MA) 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 147.75 for the TP of 145.