FxWirePro: GBPJPY upside capped by 200-H MA, good to sell on rallies

Major resistance - 135 (200 H MA)

Ichimoku Analysis (Hourly chart)

Tenken-Sen - 134.75

Kijun-Sen - 134.75

GBPJPY has shown a minor dip after more than 100 pips jump from low of 133.85. The decline is mainly due to major sell-off in GBPUSD. Cable has lost more than 90 pips from high of 1.25583 and hits low at 1.24622. Any break below 1.2400 confirms further weakness.

On the higher side, major resistance is around 135.08 and135.25 ( 200-H MA and trend line resistance) and any major bullishness can be seen only above that level. Any break above will take the pair to next level till 136.05/136.28.

The near term major support is around 133.85 and any violation below will drag the pair to the next level till 133/132.50.

It is good to sell on rallies around 134.55-60 with SL around 135.10 for the TP of 133.