FxWirePro: GBP/JPY trade Idea

• GBP/JPY shown a minor jump above 153 and started to decline sharply from that level. The Japanese yen was trading g strong against all majors for the past two days on global equity sell-off. USD/JPY has started to fall after a minor jump till 109.71 level.  The pair hits low of 151.68 and is currently trading around 151.96.
   
• The pair is trading slightly below trend line support at 152.45 and this confirms weakness, a decline till 150.20/150 is possible.
   
• On the higher side, near term resistance is around 153.28 (38.2% fibo) and any break above will take the pair till 154/154.25.

It is good to sell on rallies around 152.10-20 with SL around 153 for the TP of 150.25.

Resistance
 

R1- 153.28
 

R2 -154
 

R3-155
 

Support               
 

S1-151.20
 

S2-150.25
 

S3- 149.35