Description
⋅ Major resistance- 128.25 (trend line joining 127.70 and 127.89)
Major support- 126.25
GBP/JPY started to decline after jumping till 128.16 level. It is currently trading around 127.32.
Short term trend is weak as long as resistance 128.20 holds. Any violation above 128.20 will take the pair to next level till 128.60/129.50 level.
On the lower side, support is around 127 (100- H MA) and any indicative break below will drag the GBP/JPY further down till 126.25/125.90.
It is good to sell on rallies around 127.50-1.27.60 with SL around 128.20 for the TP of 126.26/125.90