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

• Major resistance- 142.50 (7 day EMA)
   
• GBP/JPY has gained till 139.01 and declined from that level. It is currently trading around 137.52.
   
• Short term trend is still weak as long as resistance 142.50 holds.
   
• The bear trend from 160.11 till 133.21 will come to an end if the pair breaks and closes above 142.50 level.
   
• Any break above 142.50 will take the pair to immediate resistance at 144.08 (High made after Brexit)/146.66 (Daily Tenken-sen).The minor resistance is around 140.
   
• On the lower side, minor support is around 136.50 (21 4H MA) and any break below targets 135/133.21.

It is good to sell on rallies around 139-139.50 with SL around 142.50 for the TP of 135/133.50