GBP/JPY : Sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
200 0 14
Major resistance – 140.40-140.60 ( trend line joining 140.75 and 140.53)

GBP/JPY             has shown a massive jump yesterday after hitting low of 138.56 level. It is currently trading around 140.12.

The pair upside will be capped by trend line and horizontal line resistance, it should break above 140.60 for further bullishness.

Any break above 140.60 will take the pair to next level till 141.75/142.36 in the short term.

On the lower side , near term resistance is around 139.60 and any break below will drag the pair till 139.18 ( 61.8% retracement of 140.20 and 138.56)/138.40.

It is good to sell on rallies around 140.15-140.20 with SL around 140.65 for the TP of 139.60/138.

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