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Short

GBP/JPY faces resistance at 132.10, good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
178 0 8
Major resistance- 132.10 ( trend line joining 133.26 and 132.43).

Major support – 129.80 ( trend line joining 129.06 and 129.62).

GBP/JPY             has pared its losses from its lower level yesterday. It is currently trading around 130.85.

The pair is facing major support at 129.80 and any slight weakness only below that level.

In the 4 hours chart, the pair is trading slightly above Tenkan-Sen (130.80) and it should break above trend line resistance 132.10 for further bullishness. Any break above 132.10 will take the pair to next level till 132.45/133.26 in the short term.

On the lower side, any break below 129.80 confirms minor weakness, decline till 129.06/128 is possible.

It is good to sell on rallies around 130.85-131 with SL around 131.55 for the TP of 129.85/129.06
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