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- Major resistance- 128.25 (trend line joining 127.70 and 127.89).
- Major support- 126.25.
- GBP/JPY started to decline after jumping till 128.16 level. It is currently trading around 127.32.
- Short term trend is weak as long as resistance 128.20 holds. Any violation above 128.20 will take the pair to next level till 128.60/129.50 level.
- On the lower side, support is around 127 (100- H MA) and any indicative break below will drag the GBP/JPY further down till 126.25/125.90.
It is good to sell on rallies around 127.50-1.27.60 with SL around 128.20 for the TP of 126.26/125.90
Resistance
R1-128.20
R2-128.60
R3-129.50
Support
S1-126.25
S2-125.90
S3-124.80
