FxWirePro: GBP/JPY faces strong resistance at 137, good to sell on rallies

• Major resistance- 137.05 (hourly Tenken-Sen).
   
• Major support – 134.78 (trend line joining 139.24 and 135.96)
• The pair has recovered sharply after making a low of 134.80 on Friday. It is currently trading around 135.60.
   
• US dollar stays soft in the Asian sessions against JPY after much weaker than expected US GDP report released last week.
   
• Technically intraday trend is weak as long as resistance 137.05 holds . Any break above 137.25 will take the pair to next level at
  138.20/139.25/140. Short term trend reversal only above 140 level.
   
• On the lower side, any break below 134.80 will drag the pair down till 134/133.

It is good to sell on rallies around 136.20 with SL around 137.05 for the TP of 135/134