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Short

GBP/JPY: Sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
242 0 9
Major resistance- 135.25 (hourly Tenkan-Sen).

Major support – 134.60 ( trend line joining 138.91 and 135.96).

The pair has broken trend line support 134.60 and declined till 134.40 at the time of writing. It is currently trading around 134.61.

Japanese Yen             stays strong against all major pair’s as risk aversion deepens .

Technically intraday trend is weak as long as resistance 135.25 holds . Any break above 135.25 will take the pair to next level at 135.56/136.25/137.Short term trend reversal only above 140 level.

On the lower side, any break below 134.60 will drag the pair down till 134/133.

It is good to sell on rallies around 134.75-134.80 with SL around 135.25 for the TP of 134/133.
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