FxWirePro: GBP/JPY trades weak, good to sell on rallies

• GBP/JPY is once again showing a minor weakness after a jump. The pair’s trend is weak as long as resistance 148.11 high made on Jun 7th 2018. GBPJPY recovered till 146.63 and started to decline sharply from that level. Japanese yen was trading high against all majors on renewed trade worries between major economies. Donald Trump threatened to impose 20% tariffs on European cars after EU sets up 2.5bn euros. GBP jumped almost 200 pips from the low of 1.31020 and shown a minor decline. Any close above 1.3310 (20- day MA) confirms further bullishness. US dollar index has declined sharply of 100 pips from the high of 95.51 and it is trading around 94.60. GBP/JPY hits intraday low of 144.69 and is currently trading around 145.
   
• The pair is facing strong resistance at 146.60 (daily Kijun-sen) and any break above will take the pair till 147.15/148. Any close above 148.11 will take the pair to next level till 149/150.
   
• On the lower side, near term support is around 144.69 and any break below will take the pair to next level till 144.35/143.

It is good to sell on rallies around 145.55-60 with SL around 146.60 for the TP of 143.20.