- Major resistance- 132.10 (trend line joining 133.26 and 132.43).
- Major support – 129.80 (trend line joining 129.06 and 129.62).
- GBP/JPY has pared its losses from its lower level yesterday. It is currently trading around 131.14.
- The pair is facing major support at 129.80 and any slight weakness only below that level.
- In the 4 hours chart ,the pair is trading slightly above Tenkan-Sen (130.80) and it should break above trendline resistance 132.10 for further bullishness. Any break above 132.10 will take the pair to next level till 132.45/133.26 in the short term.
- On the lower side, any break below 129.80 confirms minor weakness, decline till 129.06/128 is possible.
It is good to sell on rallies around 130.85-131 with SL around 131.55 for the TP of 129.85/129.06
