FxWirePro: GBP/JPY trades below 10- day MA, good to sell on rallies

• Major support 153.05 (20- day MA).
   
• GBP/JPY has been declined sharply after jumping till 155.85 yesterday. The pair declined almost 140 pips and hits low of 153.41. It is currently trading around 153.88.
   
• Intraday trend is bearish as long as resistance 155.07 (61.8% fibo) holds.
   
• On the lower side, major support is around 153 (20- day MA) and any break below will drag the pair to next level till 152.45/15. Major weakness can be seen below 151.65.
   
• The near term resistance is around 154.05 (23.6% fibo) and any break above will take the pair to next level till 155/155.85.

It is good to sell on rallies around 154.25-30 with SL around 155 for the TP of 153/151.70.