FxWirePro: GBP/JPY faces strong resistance at 135.62, good to sell on rallies

• Major resistance- 135.62 (90 H EMA)
   
• The pair has declined till 133.89 yesterday and slightly recovered from that level. It is currently trading around 134.68.
  ​
• The Intraday trend is weak as long as resistance 135.62 holds. The pair is declining continuously for the  fifth straight session from the high of 140. GBP/JPY is trading weak and market awaits UK PMI data which is to be released today for further direction.
   
• On the higher side resistance is at 135.62 and any break above targets 136.26/137 in the short term.
   
• The low made yesterday 133.89 will be acting as major support  and a breakdown below targets 132.92 (Jul 12th low) and 130.

It is good to sell on rallies around 134.75-134.80 with SL around 135.62 for the TP of 133.89/132.77