Major support 153.05 (20- day MA)
GBP/JPY -0.41% has been declined sharply after jumping till 155.85 yesterday. The pair declined almost 140 pips and hits low of 153.41. It is currently trading around 153.88.
Intraday trend is bearish as long as resistance 155.07 (61.8% fibo) holds.
On the lower side, major support is around 153 (20- day MA) and any break below will drag the pair to next level till 152.45/15. Major weakness can be seen below 151.65.
The near term resistance is around 154.05 (23.6% fibo) and any break above will take the pair to next level till 155/155.85.
It is good to sell on rallies around 154.25-30 with SL around 155 for the TP of 153/151.70.
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