FxWirePro: GBP/JPY faces strong resistance at 148, good to sell on rallies

• GBP/JPY has shown a huge jump and hits one month high after better than expected UK inflation data. The pair jumped till 146.59 and is currently trading around 146.65.
   
• UK CPI data Y-Y came at 2.9% compared to forecast of 2.8%. The better than expected inflation data will make the BOE to give hawkish stance.
   
• The pair is trading well above 145 and further bullishness can be seen above 148.10 major level which has been tested three times.
   
• On the lower side, minor weakness can be seen below 144.88 (23.6% retracement of 139.30 and 146.59) and any break below will drag the pair down till 143.65 (34- 4H EMA)/143.05 (55- 4H EMA). Major weakness can be seen only below 143 level.
   
• Any convincing break above 148 confirms major bullishness, a jump till 150 likely.

It is good to sell on rallies around 147.50-60 with SL around 148.15 for the TP of 145.05.