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Short

Sell GBP/JPY on rallies

FX:GBPJPY   British Pound / Japanese Yen
GBP/JPY             declined almost more than 600 pips from the previous week high of 155.54. The pair hits 1-1/2 month low at 148.88 and shown massive recovery. The pair recovered 183 pips from the low. It is currently trading around 150.37.

The Japanese yen             was trading higher against all majors on account of global equity market sell-off. Technically for the intraday the pair should break above 150.82 (hourly Kijun-Sen) for jump till 151.30 ( trend line resistance)/151.85.

On the lower side, near term support is around 150 and any break below will drag the pair till 149.35/148.85. The major support is around 148.50 (38.2% fib) and any break below will take the pair till 148/147.63.

It is good to sell on rallies around 150.65-70 with SL around 151.30 for the TP of 149.35/148.80.
Comment: GBP/JPY still trading weak and a decline till 149 is possible. Minor bullishness only above 150.82 level.
I concur!
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