FxWirePro: GBP/JPY downside capped by 7- day EMA, good to buy on dips

• Major resistance- 138
   
• Major support – 135.15 (7-day EMA).
   
• GBP/JPY has jumped sharply after declining till 135.40 level.  The pair declined till 135 and started to jump from that level. It is currently trading at 136.43.
   
• The pair downside capped by 7- day EMA and any break below confirms minor weakness , a decline till 133.90 (10- day MA)/131.85 (daily Kijun-Sen).The minor support is around 136 (5- day MA).
   
• On the higher side, major resistance is around 138 and any break above will take the pair till 138.85/140.

 It is good to sell on rallies around 136.50 with SL around 135.40 for the  TP of  138/138.80