FxWirePro: GBPJPY trade Idea

• GBPJPY broken major support at 141.26 previous week low and started to decline from that level. The pair has close well below that level in the weekly chart. It is currently trading around 140.39.
   
• Short term trend is weak as long as 143.20 (21- day EMA) holds. Any break above confirms minor bullishness, a jump till 144/145 likely. Overall bearish invalidation only above 147.70. The minor resistance is around 142.
   
• On the lower side, near tern support is around 140 and any break below will drag the pair down till 138.67 (Jun 12th 2017 low)/135.59 (Apr17th 2017 low).

It is good to sell on rallies around 140.85-140.90 with SL around 142 for the TP of 138.67/135.60.

Resistance
               

R1- 142.10

R2 143.20
 

R3- 144
 

Support               
 

S1-140
 

S2-138.65
 

S3-135.50