• FxWirePro: GBP/JPY faces strong resistance at 149, bearish divergence in 144 Min chart shows minor weakness for intraday

    Source: FxWire Pro - Technicals / 16 Jul 2018 05:49:44   America/New_York

    Chart Pattern- Bearish Divergence (144-min chart)

    • GBP/JPY has recovered more than 100 pips from Friday’s low at 147.64 on account of slight rebound in GBPUSD. Cable has shown a huge decline on Friday after Donald Trump mentioned in the Sun interview that UK PM Theresa May soft Brexit plan will kill the bilateral trade between US and UK. But in the press conference with UK PM May he said US will welcome trade talks with UK post -Brexit and pound sterling recovered more than 150pips. The yen was trading weak especially against US dollar.USDJPY jumped more than 250 pips in previous week and hits high of 112.80. It is currently trading around 112.40.GBPJPY hits intraday high of 148.99 and is currently trading around 149.06.
       
    • The pair is facing strong resistance at 149.52 (200- day MA) and any break above will take the pair till 150/150.90.
    • On the lower side, near term support is around 147.82 (55- 144min EMA) and any break below will take the pair to next level till 146.80/146.
    • It is good to sell on rallies around 149.10-20 with SL around 150 for the TP of 147.65/146.    

     

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