GBP/JPY faces resistance around 173.75, good to sell on rallies
Major support – 171.90 (Kijun-Sen)
The pair has taken support near trend line at 171.95 (trend line joining 164.69 and 166.97) and slightly recovered from that level.
On the downside major support is around 171.90 and any break below targets 171.50/170.97/170.50.
The pair’s major resistance is around 173.75 (200 day 4 HMA) and any break above will take the pair till 174.50/175.
It should close above 175 for further bullishness.
Stochostic RSI –Oversold (Slight jump is possible)
It is good to sell on rallies around 172.60-70 with SL around 173.75 for the TP of 171.50/170.55.
The pair has taken support near trend line at 171.95 (trend line joining 164.69 and 166.97) and slightly recovered from that level.
On the downside major support is around 171.90 and any break below targets 171.50/170.97/170.50.
The pair’s major resistance is around 173.75 (200 day 4 HMA) and any break above will take the pair till 174.50/175.
It should close above 175 for further bullishness.
Stochostic RSI –Oversold (Slight jump is possible)
It is good to sell on rallies around 172.60-70 with SL around 173.75 for the TP of 171.50/170.55.