GBP/JPY faces strong resistance at 137, good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
274 0 12
Major resistance- 137.05 (hourly Tenken-Sen)

Major support – 134.78 ( trend line joining 139.24 and 135.96)

The pair has recovered sharply after making a low of 134.80 on Friday. It is currently trading around 135.60.

US dollar             stays soft in the Asian sessions against JPY after much weaker than expected US GDP report released last week.

Technically intraday trend is weak as long as resistance 137.05 holds . Any break above 137.25 will take the pair to next level at 138.20/139.25/140. Short term trend reversal only above 140 level.

On the lower side, any break below 134.80 will drag the pair down till 134/133.

It is good to sell on rallies around 136.20 with SL around 137.05 for the TP of 135/134

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