GBP/JPY trades below trend line support,good to sell on rallies
GBP/JPY has formed a minor top around 150.32 and shown decline from that level. The pair dipped till 148.45 and is currently trading around 148.70.
The main dip in the pair was mainly due to weakness in Pound. GBP was trading weak against all other pairs due to Brexit talks and political scandal.
The pair has broken trend line support at 149 and is trading slightly below that level. In the four hour chart pair is trading well below 233- MA- and 100- MA. Intraday trend is weak and a dip till 148 (55- day EMA)/147 likely.
On the higher side, near term resistance is around 149.70 and any break above will take the pair to next level till 150.35/151/151.60. Overall bullish continuation only above 152.86.
It is good to sell on rallies around 148.75-80 with SL around 149.70 for the TP of 147.
The main dip in the pair was mainly due to weakness in Pound. GBP was trading weak against all other pairs due to Brexit talks and political scandal.
The pair has broken trend line support at 149 and is trading slightly below that level. In the four hour chart pair is trading well below 233- MA- and 100- MA. Intraday trend is weak and a dip till 148 (55- day EMA)/147 likely.
On the higher side, near term resistance is around 149.70 and any break above will take the pair to next level till 150.35/151/151.60. Overall bullish continuation only above 152.86.
It is good to sell on rallies around 148.75-80 with SL around 149.70 for the TP of 147.