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Short

GBP/JPY(Sell on rallies)

FX:GBPJPY   British Pound/Japanese Yen
270 0 8
Major resistance- 139.30 (trend line joining 142.39 and 139.90)

The pair has recovered sharply after making a low of 135.96. It is currently trading around 137.90.

Short term trend is slightly bearish as long as resistance 139.30 holds.

Any indicative break above 139.30 will take the pair to next level till 140/141.09/142.30 in the short term.

On the lower side, any break below 137.80 will drag the pair till 137.30/135.96.

Overall bearish invalidation only above 143.25.

It is good to sell on rallies around 138.10-138.20 with SL around 139.30 for the TP of 136.

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