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Short

Sell GBP/JPY on rallies

FX:GBPJPY   British Pound / Japanese Yen
280 0 15
First Candle stick – Doji (Nov 25th 2016)

Second candle stick- Closed well below the low of 1st candle.

The pair has formed temporary top around 141.74 and started to decline sharply from that level. It is currently trading around 139.

On the lower side, 138-138.19 (23.6% retracement of 126.70 and 141.75) will be acting as major support and any violation below will drag the pair down till 136/135 (Nov 17th low).

The pair minor resistance stands at 140 and any violation above that level will take the pair to next level at 141/141.75. Overall bullishness can be seen only above 143.25.

It is good to sell on rallies around 139.25-30 with SL around 141 for the TP of 136/135
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