FxWirePro: GBP/JPY trades lower after UK CPI data, good to sell on rallies

• GBP/JPY is consolidating between 148.11 and 146.09 for the past five trading days. UK CPI data came in line with expectations. UK CPI came at 2.4% Y/Y in line with estimate. The pair hits high of 147.89 at the time of writing and started to decline. MPs in the lower House of Commons will vote on a raft of amendments produced by the upper House of Lords. US FOMC meeting is to get concluded today and markets expects 25 bpbs rate hike and any hawkish comments will take US dollar index further higher. in May but wage growth has slightly disappoints. GBP declined almost 50 pips after releases of UK CPI data.  The yen declined on easing geo political tension especially between US and N.Korea. USD/JPY has shown a good recovery and its overall trend is strong. It has closed well above 110.17 (200 –day MA) confirms further jump and it is currently trading around 110.62. GBPJPY is currently trading around 147.36.
   
• The pair is facing strong resistance at 148.36 (55- day EMA) and any convincing break above will take the pair to next level till 149/149.60 (200- day MA).
   
• On the lower side, near term major support is around 146.14 (38.2% fibo) and any convincing break below will drag the pair to next level till 145/143.20.

It is good to sell on rallies on dips around 147.65-70 with SL around 148.20 for the TP of 145/143.