GBP/JPY:Sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
255 0 11
Major resistance- 135.62 (90 H EMA)

The pair has declined till 133.89 yesterday and slightly recovered from that level. It is currently trading around 134.68.

The intraday trend is weak as long as resistance 135.62 holds. The pair is declining continuously for the fifth straight session from the high of 140.

GBP/JPY             is trading weak and market awaits UK PMI data which is to be released today for further direction.

On the higher side resistance is at 135.62 and any break above targets 136.26/137 in the short term.

The low made yesterday 133.89 will be acting as major support and a breakdown below targets 132.92 (Jul 12th low) and 130.

It is good to sell on rallies around 134.75-134.80 with SL around 135.62 for the TP of 133.89/132.77
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