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Short

GBP/JPY faces strong resistance at 138.85,good to sell on rallie

FX:GBPJPY   British Pound/Japanese Yen
346 0 14
Major resistance - 138.85

Major support - 137.30 (55- H EMA)

GBP/JPY             has formed temporary top around 138.85 and declined from that level. It is currently trading around 137.69. Short term trend is slightly weak as long as resistance 138.85 holds.

On the lower side support stands at 137.30 and nay violation below targets 136.65/136 in the short term.The pair is trading below hourly Tenken-Sen (137.95) and hourly Kijun-Sen (137.92). So slight dips till 136 is possible .

Any break above temporary top targets 140/142.40.

It is good sell on rallies around 137.45-137.50 with SL around 138 for the TP of 136
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