• FxWirePro: GBP/JPY trades flat on UK holiday, good to sell on rallies

    Source: FxWire Pro - Technicals / 28 May 2018 06:11:12   America/New_York

    • GBP/JPY is continuing its weakness and has declined almost 400 pips in previous week. The pair hits low of 145.27 and shown a minor recovery due to easing geo political tensions. The renewed hopes of US President Trump meeting with North Korea leader Kim Jong Un has halted Yen strength. GBP continuing its weakness and has declined almost 200 pips in previous week. USD/JPY recovered slightly from the low of 108.95 and is currently trading around 109.40. GBPJPY is currently trading around 145.64.
       
    • The pair is facing strong resistance at 146.38 (23.6% fibo) and any convincing break above will take the pair to next level till 147/147.26 (5- day MA)/147.80 (10- day MA)/150.64 (100- day MA)/151/152.80.The minor resistance is around 147.82.
       
    • On the lower side, near term major support is around 145 and any convincing break below will drag the pair to next level till 143.

    It is good to sell on rallies around 146.25-30 with SL around 147 for the TP of 143.

     

     

     

     

     

     

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