FxWirePro: sell gbpjpy on rallies
Source: FxWire Pro - Technicals / 07 Oct 2019 09:24:56 America/New_York
Ichimoku Analysis (hourly chart)
Tenken-Sen - 131.53
Kijun-Sen - 131.56
GBPJPY is trading in a narrow range between 132.54 and 131.28 for the past three days. Short term trend is still weak as long as resistance 133.35 holds. The slight strength in yen is putting pressure on price on higher levels. USDJPY has formed a minor top around 108.45 and started to decline from that level.
GBP continues to trade lower after hitting high of 1.24130 and is currently trading around 1.23224
Technically, near term support is around 131 and any break below will drag the pair till 130.10/128.
The minor intraday trend reversal only above 132.30 and any violation above will take the GBPJPY till 133/133.35/134/134.60. Major trend reversal only above 135.75.
It is good to sell on rallies around 131.95-132 with SL around 132.70 for the TP of 130/128.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.