GBP/JPY: Sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
262 0 9
Major support – 129.06 (Aug 15th 2016 low).

Major resistance – 133.50 (55- H EMA ).

GBP/JPY             has recovered sharply from the low of 132.43. It is currently trading around 132.67.

Market awaits US fed monetary policy which is to be held on Sep 21st for fresh triggers. The pair is trading weak it should break above 133.50 for further direction.

The pair is facing strong resistance at 55- H EMA and any break above will take the pair to next level till 134.70 (10- W MA). Any close above targets 134.43 (cloud)/135.01 (200- H MA).

In the hourly chart the pair is trading well below Tenkan-Sen (132.87) and 132.95 (Kijun-Sen).

On the lower side, yesterday low will be acting as immediate support at 132.40 and any break below will drag the pair to next immediate support at 130/129.06 (Aug 15th 2016 low).

It is good to sell on rallies around 132.75-80 with SL around 133.50 for the TP of 130
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