GBP/JPY faces resistance at 7-d ay EMA, good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
240 0 7
Major support – 129.06 (Aug 15th 2016 low).

Major resistance – 132.25 (7- day EMA )

GBP/JPY             has slightly regained from the low of 130.45 on Friday. It is currently trading around 131.53. 

The pair recovered till 131.26 and started to decline from that level. It is currently trading at 130.83.

The pair is facing strong resistance at 9- day EMA and any break above will take the pair to next level till 133.51 (daily Tenkan-Sen)/134.50 (daily Kijun-Sen).

In the hourly chart the pair is trading below Tenkan-Sen (130.97) and 131.19 (Kijun-Sen).

On the lower side, low made on Friday will be acting as 130.45  will be acting as minor support and any break below targets 129.06 (Aug 15th 2016 low)/126.67.
It is good to sell on rallies around 131.25-30 with SL around 132.25 for the TP of 130.45/129.06
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