GBP/JPY -0.62% has broken major support at 153 and declined almost 50 pips from that level. The pair dipped till 152.43. It is currently trading around 152.57.
Intraday trend is bearish as long as resistance 153.20 (20- day MA) holds.
On the lower side, major support is around 152.45 (61.8% fibo) and any break below will drag the pair to next level till 151.67 (50- day MA)/150.19. Major weakness can be seen below 151.65.
The near term resistance is around 153.20 and any break above will take the pair to next level till 153.88/154.10.
It is good to sell on rallies around 153 with SL around 154 for the TP of 151.67/150.20
GBP/JPY trades below 10- day MA, good to sell on rallies
1 Jan 29
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