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GBP/JPY upside capped by 200 –day MA, good to sell on rallies :FxWirePro | March 6, 2018
GBP/JPY -0.24% has shown a good jump of almost 254 pips. The pair hits high of 147.45 yesterday. It is currently trading around 146.64.
The yen was trading weak against all majors yesterday after slight easing of trade war and safe haven demand. GBP/JPY’s near term resistance is around 147.75 (200- day MA) and any break above will take the pair to next level till 148.50/149. Any close above 150 confirms minor bullishness, a jump till 150.50/150.82.
On the lower side, near term support is around 146.50 (55- H EMA ) and any break below will drag the pair till 146.25 (Hourly Kijun-Sen)/145.
It is good to sell on rallies around 146.85-90 with SL around 147.75 for the TP of 145.
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