FxWirePro: GBP/JPY takes support near trend line, good to sell on rallies

• Major support – 147.80 (Trend line joining 148.66 and 148.43).
   
• GBP/JPY has taken support near trend line and shown a minor jump from that level. It is currently trading around 148.15.
   
• The pair’s minor weakness can be seen below 147.80 and nay violation below will drag the pair to next level till 147.20 (major trend line support joining 148.66 and 148.05). Any break below 147.20 confirms major weakness, a dip till 145 cannot be ruled out.
   
• GBP/JPY formed temporary top around 152.86 and started to decline from that level. Any overall trend reversal only above 152.86. The near term resistance is around 148.78 (10- day MA) and any minor bullishness only above that level.  Any convincing jump above 148.78 will take the pair to next level till 149.30 (38.2% fibo)/150. The minor bullishness can be seen only above 150. It is trading well below short term moving average (20 and 50 day).

It is good to sell on rallies around 148.75-85 with SL around 149.30 for the TP of 147.80/147.20.