GBP/JPY faces strong support at 129.80, break below targets 128.60/126.55

• Major resistance -132 (90 H EMA)
   
• Major support – 129.80 (trend line joining 128.60 and 129.57)
   
• The pair has retreated sharply after making a high of 131.97. It is currently trading around 130.03.
   
• GBP/JPY have declined till 129.57 yesterday and slightly recovered from that level.
   
• The intraday trend is weak as long as resistance 131.25 (55 H EMA) holds.
   
• Any indicative break above 132 will take the pair to next level at 132.70/133.90/135.32 (200 HMA).
   
• On the lower side, support is around 129.80 and break below targets 128.60/128.10/126.55.

Indicators :

CCI(50)- sell

ADX- Neutral

It is good to sell below 129.80 with SL around 131.25 for the TP of 128.20/126.60