Major support – 137.50 (resistance turned into support)
GBP/JPY has formed almost a around 138.85 and started to decline from that level. The pair declined till 137.62 and slightly recovered from that level. It is currently trading at 137.67.
Any break above the high of 138.85 confirms major trend reversal, a jump till 140/143.25 in the short term.
The pair major downside support stands at 137.50 and any indicative break below that level will drag the pair down till 135.90 (23.6% retracement of 126.70 and 138.85)/134.75 (10- day MA)/134.
The minor weakness below 134 level.
It is good to sell below 137.50 with SL around 138.50 for the TP of 135.90/134