FxWirePro: GBP/JPY faces strong resistance at 7-d ay EMA, good to sell on rallies

• Major support – 129.06 (Aug 15th 2016 low).
   
• Major resistance – 132.25 (7- day EMA)
• GBP/JPY has slightly regained from the low of 130.45 on Friday. It is currently trading around 131.53. 
   
• The pair recovered till 131.26 and started to decline from that level. It is currently trading at 130.83.
   
• The pair is facing strong resistance at 9- day EMA and any break above will take the pair to next level till 133.51 (daily Tenkan-Sen)/134.50 (daily Kijun-Sen).
   
• In the hourly chart the pair is trading below Tenkan-Sen (130.97) and 131.19 (Kijun-Sen).
   
• On the lower side, low made on Friday will be acting as 130.45  will be acting as minor support and any break below targets 129.06 (Aug 15th 2016 low)/126.67.

It is good to sell on rallies around 1 with SL around 133.50 for the TP of 131.98/130