Major support- 132.80 (55- day EMA)
GBPJPY is consolidating after hitting a low of 132.32. The pair recovered till 133.25 and is currently trading around 133. It has formed a temporary top around 135.75 and is currently trading around 132.88. GBP jumped more than 50 pips after hitting support near 200-4H MA. It is currently trading around 1.23279.
Technically, near term support is around 132.20-30 (38.2% fib) and any break below will drag the pair till 131.60/130.10.
The minor intraday trend reversal only above 133.30 and any violation above will take the GBPJPY till 134/134.60. Major trend reversal only above 135.75.
It is good to sell on rallies around 133.30-40 with SL around 134 for the TP of 131.60.
