• Major resistance – 146.05
   
• Major support – 142.88 (3- W EMA).
   
• GBP/JPY recovered from the low of 142.50 made previous week and jumped till 145.62. It is currently trading around 145.56.
   
• The high formed on Dec 5th 2016 was acting as major resistance and any violation above will take the pair to next level till 147.92 (161.8% retracement of 146.03 and 142.50)/150.


• On the lower side, major support stands at 142.88 and any break below will drag the pair till 141.38 (61.8% retracement of 138.51 and 146.03)/140.
   
• Short term weakness only below 138.
   
•  The FxWirePro Hourly GBP Strength index at 600 GMT stood at -8 (Neutral) and JPY at -137 (Highly bearish).So it is good to go short on JPY and long on GBP.
  
  It is good to buy on dips around 145 with SL around 143 for the TP of 147.90/150