FxWirePro: GBP/JPY trades below 149 level, markets eye UK inflation

• GBP/JPY is continuing its weakness for third consecutive days and declined almost more than 120 pips from the high of 150. The pair jumped almost 200 pips in previous week .The yen has shown a minor recovery after a week of bearishness. USD/JPY declined more than 50 pips from the high of 111.39 on account of profit booking. But GBP was trading weak against all majors especially with USD. Cable declined sharply almost 100 pips yesterday.  GBP/USD hits low of 1.3390 and shown a minor recovery. Markets eyes UK inflation report for further direction. GBPJPY hits low of 148.75 and is currently trading around 148.82.
   
• The pair is facing strong resistance at 150 and any convincing break above 150 will take the pair to next level till 150.64 (100- day MA)/151/152.80.
   
• On the lower side, near term major support is around 149 and any convincing break below will drag the pair to next level till 148/147.

It is good to sell on rallies around 149.25-30 with SL around 150 for the TP of 147.