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Short

GBP/JPY faces strong resistance at 140.6,good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
306 0 9
Major resistance- 140.55 ( trend line joining 143.22 and 141.29)

Major support -139.40 (90 H EMA )

The pair jumped till 141.29 yesterday and declined from that level. It is currently trading around 140.09.

It has taken support 90 HMA and slightly jumped from that level. Intraday trend is weak as long as resistance 140.60 holds.

The major support is around 139.40 and any violation below 139.40 will drag the pair till 138.70/137.76.

On the higher side, any break above 140.57 will take the pair to next resistance at 141.29/142.60/143.

It is good to sell on rallies around 140-140.10 with SL around 140.60 for the TP of 138.70/138
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