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GBP/JPY recovers from low of 131.44, good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
316 1 7
Major resistance – 133.30 (7 day EMA ).

The pair has erased gains sharply after making a high of 132.83 yesterday . It is currently trading around 131.95.

GBP/JPY             breaks major support 132 confirms continuation bearishness , a decline till 130/128.60 is possible.

Yen continues to surge against all major pairs as weakness in global equity markets has supportive for safe haven appeal.

In the hourly chart, GBP/JPY             is trading slightly above Tenkan-Sen (131.73). So a slight jump till 132.35 is possible.

On the higher side ,the pair should break above 133.35 (7 day EMA ) for further bullishness. Any break above 133.35 will take the pair till 133.80/134.05/135.25.

It must break above 140 for the short-term trend reversal. The support is around 132 and a break below will drag the pair till 130/128.60 (Jul 6th low).

It is good to sell on rallies around 132.35 with SL around 133.35 for the TP of 130.10/128.65
how do you sell and have a tp 250 pips higher than your sl
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