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Short

GBP/JPY trades weak, good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
230 0 14
Major support – 129.06 (Aug 15th 2016 low).

Major resistance – 134.30 (3 W EMA).

GBP/JPY             has once again declined sharply after breaking below 10 W MA . It is currently trading around 133.12.

GBP trades weaker against all major pairs as Brexit related issues re-emerge. Cable break below 1.30 handle as UK’s Finance minister Hammond said that he is ready to give up EU membership in Brexit negotiations

The pair has slightly recovered after making a low of 132.75. It is facing strong resistance at 3- W EMA (134.30) and any break above will take the pair to next level till 134.70 (10- W MA). Any close above targets 135.72 (Weekly Tenken-Sen)/ 136.62 (Previous week high).

On the lower side, major support is around 129.05 and any break below will drag the pair to next immediate support at 126.67 (113% retracement of 128.60 and 143.23)/125.

It is good to sell on rallies around 133.40-133.50 with SL around 134.70 for the TP of 129.05
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