GBP/JPY: Sell on rallies (CCI(50) and 55 H EMA setup)

FX:GBPJPY   British Pound / Japanese Yen
230 0 5
Major intraday resistance -127.40 (55- H EMA )

Major support – 126.40 ( trend line joining 125.91 and 126.12)

GBP/JPY             made a temporary top around 129.02 and declined sharply from that level. It is currently trading around 126.71.

The pair slightly jumped after declining till 126.72 yesterday. GBP/JPY             is struggling to close above 55- H EMA in the hourly chart. So slight bullishness can be seen only above 127.40 and any break above targets 128.60/129.05.

On the lower side , 126.40 will be acting as short term support and any indicative break below 126.40 will drag the pair down till 125.90/124.80 in the short term.

It is good to sell on rallies around 126.75-80 with SL around 127.40 for the TP of 125.90/124.85.
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