FxWirePro: GBP/JPY breaks major support at 20- day MA, break below targets 147.10

• GBP/JPY continuing its losing trend for four consecutive days and has declined after hitting intraday high of 149.90. It is currently trading around 148.58.
   
• The pair has formed minor top around 150.24 on Oct 3rd 2017 and struggling to break above that level. GBP was trading weak for the past three days on account of weak economic data. Market eyes speeches by BOE policy makers McCafferty and Haldane. BOE chief economist Andrew Haldane recently said that rate hike would be good news and it is a sign that UK economy was healing. Short term trend is weak as long as resistance 151.60 (Sep 28th 2017 high).
   
• On the lower side, near term support is around 148.87 (20- day MA) and any break below will drag the pair down till 148.36 (38.2% retracement of 152.86 and 141.17)/147.22 (34- day EMA)/146.43 (daily Kijun-Sen).
   
• The near term resistance is around 151 and any break above will take the pair till 151.60/152.85. Any bullish continuation only above 152.85 level.

It is good to sell on rallies around 149.15-20 with SL around 150 for the TP of 147.10.