FxWirePro: GBP/JPY faces strong support at 10- day MA, break below targets 146

• GBP/JPY has shown a huge decline yesterday after continuous bullish trend for past days. The pair declined slightly below 150 and once again recovered from that level. It is currently trading around 150.80.
   
• The pair hits the high of 152.86 and started to decline from that level .The upside is capped by 161.8% retracement at 153 and any break above confirms further bullish continuation.
   
• On the lower side, near term support is around 149.75 (10- day MA) and any break below will drag the pair till 149 (daily Tenkan-Sen)/147.72 (38.25 retracement of 139.35 and 152.86)/146.The major weakness can be seen below 145.
   
• The minor resistance is around 151 (38.2% retracement of 152.86 and 149.75) and any violation above will take the pair to next level 152.27 (yesterday high)/152.86.

It is good to sell below 149.75 with SL around 151 for the TP of 146.