GBPJPY is trading weak and has lost more than 150 pips of 149.40. The decline was mainly due to broad based dollar buying. The pair hits intraday low of 147.71. It is currently trading around 147.82.
The pair has shown a minor decline below trend line support and any hourly close below 147.80 confirms further weakness. Any close below 147.80 targets 147.50/146.95.
On the higher side, near term resistance is around 148.35 (200- H MA) and any break above targets 149/149.40/150.
It is good to sell on rallies around 148.15-20 with SL around 149.30 for the TP of 145.
