• Major resistance- 138.85 (Sep 2nd high)
   
• Major support – 137.50
  (resistance turned into support)
   
• GBP/JPY has formed almost a double top around 138.85 and started to decline from that level.  The pair declined till 137.62 and slightly recovered from that level. It is currently trading at 137.67.
   
• Any break above the high of 138.85 confirms major trend reversal, a jump till 140/143.25 in the short term.
   
• The pair major downside support stands at 137.50 and any indicative break below that level will drag the pair down till 135.90 (23.6% retracement of 126.70 and 138.85)/134.75 (10- day MA)/134.
   
• The minor weakness below 134 level.
  
   It is good to sell below 137.50 with SL around 138.50 for the TP of 140/143.25