Major support – 126.40 ( 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 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.