FxWirePro: GBP/JPY trades lower on weak UK retail sales, good to sell on rallies

• GBP/JPY declined sharply almost 200 pips yesterday on account weak GBP. Pound sterling was trading weak against all majors yesterday after weaker than expected UK retail sales data. UK retail sales dropped -1.2% mom in Mar compared to forecast of -0.6%and annual rate increased 1.1% yoy  slightly below expectations of -0.4%.
   
• The pair declined almost 60 pips from the intraday high of 151.699 till 151 and is currently trading around 151.05. 
   
• The major resistance is around 152 (10- day MA) and any convincing break above targets 152.80/153.85. 
   
• On the lower side, near term support is around 150.73 (20- day MA) and any close below will drag the pair till 150/149.39 (50% fibo).

It is good to sell on rallies around 151.45-50 with SL around 152 for the TP of 150.50/149.40..