FxWirePro: sell gbpjpy on rallies
Source: FxWire Pro - Technicals / 26 Sep 2019 04:34:40 America/New_York
Ichimoku Analysis (Hourly chart)
GBPJPY continues to trade lower and broken 133.35 low made on Sep 23rd and hits low of 132.85 level. The decline was due to major weakness in the pound sterling and lost more than 150 pips in the past two trading days. It is trading well below 200 H MA 1.24570.
USDJPY formed a bottom around 106.96 and shown a nice recovery. Short term trend is still weak as long as resistance 108.50 holds.
On the flip side, near term support is around 132.80 and any violation below will drag the pair to the next level till 132.25/131.60.
The near term resistance is around 133.50 and any break above will take the pair till 134/134.60.
It is good to sell on rallies around 133.30-35 with SL around 133.80 for the TP of 131.65.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.