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Short

GBP/JPY :Sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
210 0 7
Major support – 134.45 (21- day MA).

Major resistance – 136.65 (daily Tenken-Sen).

GBP/JPY             has once again recovered sharply after making a low of 134.91. It is currently trading around 135.40.

The pair has jumped till 136.13 at the time of writing and declined from that level.

On the lower side, minor support is around 134.45 (21- day MA) and any break below will drag the pair to next immediate support at 133.94/132.80 (61.8% retracement of 129.06 and 138.83).

The pair is facing strong resistance at daily Tenken-Sen and any break above targets 137.15/138.It should close above 138.85 for further bullishness.

It is good to sell on rallies around 136.10-20 with SL around 137.15 for the TP of 135.10./134.30
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