• Major resistance – 140.60 (55- day EMA)
   
• Major support -138.40
   
• GBP/JPY formed a minor bottom around 138.43 and jumped slightly from that level.  It is currently trading around 139.69.
   
• On higher side, the pair showed a slight jump till 140.49 and started to decline from that level. It should break above 140.60 (55- day EMA) and any close above will take the pair till 141.77 (Feb 24th 2017 high)/142.36 (61.8% retracement of 144.78 and 138.43).
   
• The major near term support stands around 138.40 and any break below will drag the pair till 136.45.
   
• The decline from 195.50 to 124 will come to an end only if the pair breaks above 148.45.
  
  It is good to sell on rallies around 140-140.10 with SL around 140.75 for the TP of 138.40/136.45