• FxWirePro: sell gbpjpy on rallies

    Source: FxWire Pro - Technicals / 07 Nov 2019 04:02:27   America/New_York

    Ichimoku Analysis (Hourly chart )

     

    Tenken-Sen- 139.80

     

    Kijun-Sen- 140.04

     

    GBPJPY is trading in narrow range 139.46 and 140.74 for the 1- week. The overall trend is still weak as long as resistance 141.50 holds. The pound sterling was one of the best performers in the past 2 months especially against yen, gained more than 10% on strong GBP.

     

    USDJPY recovered sharply for the day after hitting 200-H MA and any break above 109.30 confirms major bullishness.

     

    On the flip side, near term support stands around 139.45 low made on Oct 29th, violation below targets 139/138.

     

    It is good to sell on rallies around 140.25-30 with SL around 140.75 for the TP of 138.   

     

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