FxWirePro: GBP/JPY breaks 20 –day MA, dip till 150.50 likely

• GBP/JPY has broken major trend line support at 152.40 and closed slightly below that level. The pair continuing its weakness for the second day and declined almost 100 pips. It is currently trading around 151.57.
   
• Intraday bias is on the down side as long as resistance 152.50 holds. The pair formed almost a double top at 153.60 and any further bullishness only above that level.
   
• The pair has broken support at 20 – day MA at 151.75 and shown dip till 151.47 almost 25 pips. Any break below 151.50 (50% fibo) and any break below will drag the pair to next level till 150.55 (55- day EMA)/150. Short term bearishness only below 149.40.
   
• The major resistance is around 152.50 and any break above will take the pair till 153./153.60. Further bullishness only above 153.60.

It is good to sell on rallies around 151.80-85 with SL around 152.50 for the TP of 150.50/149.40.