2017.05.3108:57:00UTC+00Fxwirepro: Gbp/jpy Trade Idea

• GBP/JPY continuing its weakness for the past two weeks after forming a temporary top around 148.11. The pair hits low of 141.76 at the time of writing and is currently trading around 142.40.
   
• The decline from 148.11 to 141.76 will come to an end if it breaks above 145.40 level. On the lower side, near term major support is at 141.75 (89 EMA) and any close below confirms bearish continuation, a decline till 140.35/138.45 (200- MA).
   
• The near term resistance is around 143.30 (23.6% retracement of 148.11 and 141.76) and any break above will take the pair to next immediate level at 144 (21 EMA)/145.40 in the short term.
   
• Overall bearish invalidation can happen only above 148.11.
  
  It is good to sell on rallies around 142.15-142.25 with SL around 143.40 for the TP of 140.40/138.50.

Resistance
                   

R1-143.30
                               

R2 -144
 

R3- 145.40
 

Support   
 

S1-141.75
 

S2-140.35

S3-138.50