FxWirePro: GBP/JPY trade Idea

• GBP/JPY has broken major support at 153 and declined almost 50 pips from that level. The pair dipped till 152.43. It is currently trading around 153.40.
   
• Intraday trend is bearish as long as resistance 153.20 (20- day MA) holds.
   
• On the lower side, major support is around 152.45 (61.8% fibo) and any break below will drag the pair to next level till 151.67 (50- day MA)/150.19. Major weakness can be seen below 151.65.
   
• The near term resistance is around 153.20 and any break above will take the pair to next level till 153.88/154.10.

It is good to sell on rallies around 153.40-50 with SL around 154 for the TP of 151.67/150.20

Resistance
 

R1- 154
 

R2 -155
 

R3-155.85
 

Support               
 

S1-151.67
 

S2-151
 

S3- 150.20