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GBP/JPY: Sell on rallies : FxWirePro | February 14, 2018
GBP/JPY -0.34% continuing its weakness for fourth consecutive day and declined almost more than 100 pips for the day in the Asian Session after recovering till 149.87 yesterday. The pair broken the low of 148.88 made on Feb 9th -3.83% and declined till 148.63. It is currently trading around 149.02.
The Japanese yen 0.90% was trading higher against all majors on account of increasing safe haven demand. USD/JPY -0.32% broken the 4- month low of 107.31 and declined till 106.90. Technically for the intraday the pair should break above 149.85 for minor bullishness till 150.51 (23.6% fib of 156.60 and 148.63)/150.82 (Feb 12th 208 high) is likely.
On the lower side, near term support is around 148.50 (38.2% fibo) and any break below will drag the pair till 148/147.63.
It is good to sell on rallies around 149.35-40 with SL around 150 for the TP of 148.51/147.90
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