GBP/JPY Trade Idea

• Major support - 126.15 (trend line joining 125.91 and 126.12)
   
• Minor resistance- 128.03 (100- 4H EMA)
   
• GBP/JPY has once again recovered after declining till 126.60.It is currently trading around 127.32.
   
• On the higher side, resistance is around 128.03 any violation above will take the pair to next level till 128.60/129.50 in the short term.
   
• Short term weakness can be seen only below 126.60 and any indicative break below targets 126.15/124.85.

It is good to sell on rallies around 128 with SL around 128.60 for the TP of 125.90/124.85.

Resistance

R1-128.05

R2-128.60

R3-129.50

Support               

S1-126.60

S2-126.15

S3- 124.85