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GBP/JPY forms double top and struggles to close above 200 day MA,dip till 143 likely

Major resistance- 145 (almost double top)

 

GBPJPY is consolidating after a forming a minor top around 145.04. The pair declined till 144.08 yesterday and shown minor recovery. It is struggling to close above 200- day MA for past two trading days. It hits low of 144.15 yesterday and is currently trading around 144.35.

 

Any break above 145 confirms minor bullishness and a jump till 146.50/147 is possible.

 

On the lower side, near term support is around 144 and any break below will drag the pair to next level till 143/142.48 (Feb 19th low). Any major weakness only below 142.48.

 

It is good to sell on rallies around 144.55-60 with SL around 145.05 for the TP of 143.

 

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