GBP/JPY trades well below psychological support 150 level, dip till 147.25 likely

• GBP/JPY continuing its losing trend for third consecutive days and is trading well below psychological support at 150. It is currently trading around 149.28.
   
• The pair has shown a minor recovery till 150.24 yesterday from the low of 149.28. GBP declined further after weaker than expected construction PMI data. Market awaits UK services PMI data today for further weakness. Any weakness in services PMI data will drag the pair down till 148.36.  Short term trend is weak as long as resistance 151.60 (Sep 28th 2017 high).
   
• On the lower side, near term support is around 149 and any break below will drag the pair down till 148.36 (38.2% retracement of 152.86 and 141.17)/147.22 (34- day EMA)/146.43 (daily Kijun-Sen).
   
• The near term resistance is around 151 and any break above will take the pair till 151.60/152.85. Any bullish continuation only above 152.85 level.

It is good to sell on rallies around 150.35-150.40 with SL around 151.60 for the TP of 148.40/147.10.