FxWirePro: GBP/JPY trade Idea

• GBP/JPY is continuing its losing streak after breaking below 141.25 low made on Aug 11th 2017. The pair declined till 140.61 at the time of writing. It is currently trading around 140.65.
   
• The decline from 147.76 is still in progress and minor jump can be seen only above 144 level. Short term trend is still weak and a further decline till 138.65 is likely.
   
• The pair upside capped by 100- day MA at 143.20 and any further jump can be seen only above that level. The near term major resistance is around 142.10 (200- day MA) .Any break above will take the GBP/JPY till 144/144.50. The minor resistance is around 142.40 (7- day MA)/143.
   
• On the lower side, pair has broken major support of 142.25 and this confirms minor weakness and a dip till 140/138.65.

It is good to sell on rallies around 141.15-141.20 with SL around 142.10 for the TP of 140/138.70. 
 

Resistance
               

R1- 142.10

R2 143.20
 

R3- 144
 

Support               
 

S1-140
 

S2-138.65
 

S3-135.50