GBP/JPY Trade Idea

• Major resistance – 145.20 (trend line joining 148.45 and 147.35)
   
• Major support – 144.10 (21- day MA)
   
• GBP/JPY started to show a decline after jumping till 146.35 from the low of 144.52. The pair breaks major support at 144 (21- day MA) and declined till 143.72 at the time of writing. Any violation below that level will drag the pair down till 143.35 (21- day EMA)/142.50 (200- day MA).Any close below 200- day MA will drag the pair down till 140.
   
• On the higher side, the next immediate resistance is around 145.20 and any break above that level will take the pair to next level till 146.35 (Dec 20th 2016 high)/147.35.
   
• Overall trend reversal only above 148.50.
  
  It is good to sell on rallies around 144.25-30 with SL around 145.20 for the TP of 142.60

Resistance                                                                              

R1-145.20

R2-146.35

R3- 147.50

Support      

S1-144

S2-143.35

S3- 142.50