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GBPJPY: Sell on rallies

Major resistance - 136.28

 

GBPJPY is trading weak after a long consolidation and broken major support 135. The pair hits low of 135.08 on Jul 11th and shown a recovery til 136.05. It has lost nearly 150 pips in the past two trading days. The main reason for the decline is a slight weakness in GBP. GBP is in bearish mode especially against USD and lost more than 100 pips on Brexit uncertainty. Any break below 1.24350 confirms bearishness.GBPJPY hits an intraday low of 134.33 and is currently trading around 134.35.

 

On the flip side, near term support is around 133.90 and any violation below will drag the pair till 133/132.

 

The near term major resistance is around 136.28 and any major bullishness only above that level. Any break above targets 137/137.70.

 

It is good to sell on rallies around 135 with SL around 136.05 for the TP of 133/132.

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