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GBP/JPY: Sell on rallies | November 9, 2018
Candlestick Pattern- Doji
Major support- 148.60
GBPJPY -0.56% has once again declined after hitting high of 149.48. This is the fourth time crossing above 149 (149.71,149.42,149.51,149.48) and declined from that level. It hits low of 148.60 and is currently trading around 148.63.
Short term trend is weak as long as resistance 149.70 hods. Any violation above targets 150/150.95 level.
On the lower side, near term support is around 148.60 and any break below targets 148/147.30 (200- day MA). Any daily close below 147.30 confirms bearish continuation.
It is good to sell on rallies around 148.65-70 with SL around 149.70 for the TP of 146.35..
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