- Major resistance – 132.45 (23.6% retracement of 143.23 and 129.06).
- The pair jumped till 132.43 and started to decline from that level. It is currently trading around 130.80.
- GBP/JPY upside is capped by 23.6% retracement of 143.23 and 129.06.The pair is trading well below daily Tenkan-Sen (131.45)/134.23 (Kijun-Sen). Any break above Tenken-Sen will confirm minor bullishness, a jump till 132.45(23.6% retracement of 143.23 and 129.06) is possible.
- GBP/JPY’S support is around 130.40 and any violation below 130.40 will drag the pair down till 129.60/129.06.in the short term.
It is good to sell on rallies around 131.50 with SL around 132.45 for the TP of 129.10
