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GBPJPY: Sell on rallies | March 19, 2019
Major support -147.40
GBPJPY is trading weak for second consecutive day and lost more than 120 pips from high 148.38 on account of Brexit uncertainty. It hits low of 147.01 and is currently trading around 147.58.
On the lower side, near term support is around 146.85-147 and any break below confirms minor weakness and a decline till 146.45 (200- H MA)/146.25 is possible. Markets eye UK Parliamentary vote on Brexit deal for 3rd time on Wednesday and UK jobs data which is to be released today for further direction.
The near term major resistance is around 148.05 and any break above will take the pair to next level till 148.40/148.87. Any further bullishness only above 148.90.
It is good to sell on rallies around 147.75-80 with SL around 148.20 for the TP of 146.45.
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