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Sell GBP/JPY on rallies : FxWirePro | February 12, 2018
GBP/JPY 0.05% declined almost more than 600 pips from the previous week high of 155.54. The pair hits 1-1/2 month low at 148.88 and shown massive recovery. The pair recovered 183 pips from the low. It is currently trading around 150.37.
The Japanese yen 0.28% was trading higher against all majors on account of global equity market sell-off. Technically for the intraday the pair should break above 150.82 (hourly Kijun-Sen) for jump till 151.30 ( trend line resistance)/151.85.
On the lower side, near term support is around 150 and any break below will drag the pair till 149.35/148.85. The major support is around 148.50 (38.2% fib) and any break below will take the pair till 148/147.63.
It is good to sell on rallies around 150.65-70 with SL around 151.30 for the TP of 149.35/148.80.
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