GBP/JPY upside capped by 50- day MA, good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
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GBP/JPY formed a minor top around 142.54 yesterday and declined sharply after BOE governor Carney dovish stance on rate hike. The pair declined till 140.58 yesterday and closed around 140.70.

The pair continued its losing streak in Asian session and broken the yesterday low of 140.58. The pair is currently trading around 140.

GBP/JPY trades slightly below 140.35 (61.8% fibo) and any break below will drag the pair down till 138.67 (Jun 12th low)/135.59 ( Apr 17th low).

The near term resistance 141.25 (100- day MA) and any break above will take the pair till 141.68 (89- EMA )/142.10 (55- EMA ).

It is good to sell on rallies around 140.20-25 with SL around 141.25 for the TP of 138.70/135.70.
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