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2017.03.2205:31:00UTC+00Fxwirepro: Gbp/jpy Breaks Trend Line Support, Decline Till 136.45 Likely
Major support – 138.60 (trend line joining 138.43 and 138.56).
GBP/JPY has broken short term trend line support at 138.60 and declined till 138.46 at the time of writing. It is currently trading around 138.66.
The pair should close below trend lie support for further decline till 136.45 (Jan 16th 2017 low) likely.
On the higher side , minor trend reversal only above 140.60 level. Any break above will take the pair till 141.78 (Feb 24th high)/142.36. The minor resistance is around is at 139.50.
The jump from 124.76 to 148.45 will come to an end only if it breaks below 136.45. Any break below 136.45 will take the pair down till 133.95 (61.8% retracement of 124.78 and 148.45).
It is good to sell on rallies around 138.75-138.80 with SL around 139.50 for the TP of 136.55.
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