GBP/JPY upside capped by 10- day MA, good to sell on rallies
Major support – 134.60 (21- day MA).
Major resistance – 136.25 (10- day MA).
GBP/JPY has once again declined sharply after making a high of 136.13. It is currently trading around 135.
The pair has taken support near 21- day MA and slightly recovered from that level. It is facing strong resistance at 10- day MA and struggles to close above that level. Any close above targets 137.15/138.
On the lower side, minor support is around 134.60 (21- day MA) and any break below will drag the pair to next immediate support at 133.94/132.80 (61.8% retracement of 129.06 and 138.83).
It is good to sell on rallies around 135.20-25 with SL around 136.25 for the TP of 133.95
Major resistance – 136.25 (10- day MA).
GBP/JPY has once again declined sharply after making a high of 136.13. It is currently trading around 135.
The pair has taken support near 21- day MA and slightly recovered from that level. It is facing strong resistance at 10- day MA and struggles to close above that level. Any close above targets 137.15/138.
On the lower side, minor support is around 134.60 (21- day MA) and any break below will drag the pair to next immediate support at 133.94/132.80 (61.8% retracement of 129.06 and 138.83).
It is good to sell on rallies around 135.20-25 with SL around 136.25 for the TP of 133.95