GBP/JPY: Sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
307 0 12
•Major resistance – 131.85 (9 day EMA).

•The pair has recovered sharply after making a high of 131.85 yesterday. It is currently trading around 130.75.

•UK employment data and earnings data which was released yesterday showed a unexpected improvement in labour market.UK jobless claim fell by 8.6K compared to forecast of 9.5K.

•In the daily chart GBP/JPY             jumped till 131.80 but not able close above 131.85 (9 –day EMA). The pair should jump above 131.85 for further jump till 133/134.05 in the short term.

•On the lower side, the pair should break below 128.60 for further weakness till 126.69.

•It must break above 140 for the short-term trend reversal. The support is around 132 and any break below will drag the pair till 130/128.60 (Jul 6th low).

It is good to sell on rallies around 130.65-130.70 with SL around 131.85 for the TP of 128.65/126.69
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