• FxWirePro: GBP/JPY struggles to close below 200- day ma, close below targets 145

    Source: FxWire Pro - Technicals / 23 Mar 2018 03:52:01   Eastern Standard Time

    • GBP/JPY declined more than 200 pips yesterday on account sudden jump in Yen due to increase of safe haven demand. Yen jumped yesterday after US President imposes trade tariff for 100 products on China. The pair hits low of 147.69 and is currently trading around 148.02.
       
    • The Bank of England has voted 7-2 to leave interest rates unchanged at 0.5%. The members were positive over the economic outlook and wage growth also in line with expectations. Market already priced the chance of 25bpbs rate hike in May.
       
    • The major resistance is around 148.01 (20- day MA) and any break above targets 149/149.69 (55- day MA)/150.20/150.65. The major trend reversal only above 150.95.
       
    • On the lower side, near term support is around 147.50 and any close below will drag the pair till 146.95/146.40.

    It is good to sell on rallies around 148.55-60 with SL around 149.65 for the TP of 146/145.