2017.05.2408:16:00UTC+00Fxwirepro: Gbp/jpy Upside capped by 20 Day Ma, Good to Sell on Rallies

• GBP/JPY continuing its losing streak for the second consecutive week after making a top around 148.11. It is currently trading around 144.95.
   
• The pair formed a bottom around 143.34 on May 18th 2017 and is acting short term trend reversal level. GBP trading in narrow range against all pairs as market awaits UK election developments for further direction
   
• The near term resistance stands around 145.40 high made on May 19th 2017 and any break above targets 146.26 (61.8% retracement of 148.11 and 143.34)/147.10.Bullish continuation can be seen only above 148.11.
   
• On the lower side, near term major support is around 143.34 and any break below will drag the pair down till 140.36 (61.8% retracement of 135.59 and 148.11).

It is good to sell on rallies around 145.30 with SL around 146 for the TP of 143.35/140.40.