GBP/JPY Trade idea

• 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