GBP/JPY upside capped by 10- day MA, good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
272 0 9
Major support – 134.60 (21- day MA).

Major resistance – 136.25 (10- day MA).

GBP/JPY             has once again declined sharply after making a high of 136.13. It is currently trading around 135.

The pair has taken support near 21- day MA and slightly recovered from that level. It is facing strong resistance at 10- day MA and struggles to close above that level. Any close above targets 137.15/138.

On the lower side, minor support is around 134.60 (21- day MA) and any break below will drag the pair to next immediate support at 133.94/132.80 ( 61.8% retracement of 129.06 and 138.83).

It is good to sell on rallies around 135.20-25 with SL around 136.25 for the TP of 133.95

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