FxWirePro: GBP/JPY upside capped by 50- day MA, good to sell on rallies

• GBP/JPY formed a minor top around 142.54 yesterday and declined sharply after BOE governor Carney dovish stance on rate hike. The pair declined till 140.58 yesterday and closed around 140.70.
   
• The pair continued its losing streak in Asian session and broken the yesterday low of 140.58. The pair is currently trading around 140.09.
   
• GBP/JPY trades slightly below 140.35 (61.8% fibo) and any break below will drag the pair down till 138.67 (Jun 12th low)/135.59 (Apr 17th low).
   
• The near term resistance 141.25 (100- day MA) and any break above will take the pair till 141.68 (89- EMA)/142.10 (55- EMA).

It is good to sell on rallies around 140.20-25 with SL around 141.25 for the TP of 138.70/135.70.