• Major resistance – 140.70 (89- H EMA)
   
• Major support – 138.50
   
• The pair breaks major pschycological support 140 and declined till 138.92 yesterday. GBP/JPY downside movement is intact as long as resistance 140.70 holds.  
   
• The decline from 148.45 to 138.92 will come to end if the pair close above 141.50 (200- day MA).Any close above 141.50 will take the pair till 142.35/143/144.05 in the short term. It should break above 145.40 for further bullishness.
   
• On the lower side, any break below 138.50 will drag the pair down till 137.25/136.
  
  It is good to sell on rallies around 139.65-139.70 with SL around 140.70 for the TP of 138.55/137.20