• Major support – 138.60 (trend line joining 138.43 and 138.56).
   
• GBP/JPY has broken short term trend line support at 138.60 and declined till 138.46 at the time of writing. It is currently trading around 138.66.
   
• The pair should close below trend lie support for further decline till 136.45 (Jan 16th 2017 low) likely.
   
• On the higher side , minor trend reversal only above 140.60 level. Any break above will take the pair till  141.78 (Feb 24th high)/142.36. The minor resistance is around is at 139.50.
   
• The jump from 124.76 to 148.45 will come to an end only if it breaks below 136.45. Any break below 136.45 will take the pair down till 133.95 (61.8% retracement of 124.78 and 148.45).
  
  It is good to sell on rallies around 138.75-138.80 with SL around  139.50 for the TP of 136.55.