GBP/JPY recovers after BOJ policy, good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
293 0 9
Major support – 129.06 (Aug 15th 2016 low).

Major resistance – 133.56 (100- H MA).

GBP/JPY             has pared its losses after BOJ has kept its interest rates unchanged at minus 0.1 pct and will continue its asset purchase until inflation has stabilised around its 2% target.

The pair recovered till 133.26 and started to decline from that level. It is currently trading at 132.94

The pair is facing strong resistance at 100- H MA and any break above will take the pair to next level till 134.65 (200- H MA). Any close above 200-HMA will target to next level at 135/136.62.

In the hourly chart, the pair is trading well above Tenkan-Sen (131.98) and 131.98 (Kijun-Sen).

On the lower side, 131.98 will be acting as minor support and any break below targets 130/129.06 (Aug 15th 2016 low)/126.67.

It is good to sell on rallies around 133 with SL around 133.50 for the TP of 131.98/130

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