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Short

GBP/JPY upside capped by 7-W EMA, good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
229 0 8
Major resistance- 134.43 (7- W EMA ).

Major support – 132.65 (3 W EMA ).

The pair jumped till 7 W EMA and declined from that level. It is currently trading around 133.59.

Minor trend is weak as long as resistance 134.45 holds. Any break above 134.45 will take the pair to next level till 135.80 (9-W EMA ). It should close above 9-W EMA for further bullishness.

On the lower side, support stands at 132.65 (3- W EMA ) any violation below will drag the pair till 131.13 (Previous week low)/130.The minor support is around 133.30.

It is good to sell on rallies around 133.65-70 with SL around 134.45 for the TP of 132.65/131
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