2016.11.2106:53:00UTC+00Fxwirepro: Gbp/jpy Trade Idea

• Major resistance- 138
   
• Major support – 135.15 (7-day EMA)
   
• GBP/JPY has jumped sharply after declining till 135.40 level.  The pair declined till 135 and started to jump from that level.
  It is currently trading at 136.43.
   
• The pair downside capped by 7- day EMA and any break below confirms minor weakness , a decline till 133.90 (10- day MA)/131.85 (daily Kijun-Sen).The minor support is around 136 (5- day MA).
   
• On the higher side, major resistance is around 138 and any break above will take the pair till 138.85/140.
  
   It is good to sell on rallies around 136.50 with SL around 135.40 for the  TP of  138/138.80

Resistance                                                                                 

R1-138                  

R2-138.85  

R3- 140

Support               

S1-135.15

S2-133.90

S3- 131.85