• FxWirePro: GBP/JPY faces strong resistance at 50- day ma, good to sell on rallies

    Source: FxWire Pro - Technicals / 22 Mar 2018 03:30:06   Eastern Standard Time

    • GBP/JPY jumped almost more than 100 pips from the low of 148.95 made yesterday. The minor jump in the pair was mainly due to extreme bullishness of GBP after less hawkish US fed monetary policy. The pair hits high of $150.31 and is currently trading around 149.81.
    • The major resistance is around 150.66 (50- day MA) and any break above targets 150.93 (Feb 21st 2018 high) 151.50/152.15. The major trend reversal only above 150.95.
    • On the lower side, near term support is around 149.05 and any close below will drag the pair till 148/147.50 (200- day MA)/146.95/146.40.

    It is good to sell on rallies around 150.25-30 with SL around 150.75 for the TP of 148/147.70.