GBPJPY At Big Weekly Resistance

GBPJPY Weekly

Pair GBPJPY is knocking at a major resistance level on weekly charts. This levels comes through 139.20 to 140 area. 

This area is support-turned-resistance. 200EMA is also coincides with this resistance level.

If this resistance gives up, then it will be free ride till 145 level. No resistance comes till then.



I expect this level to provide good resistance. Price looks severely overbrought as well. This can be a opportunity to build long term short positions. 

I went short for quarter of the normal size at current market price at 139.27, with possibility to add more on spike towards 140.

This setup is similar to the one on EURJPY pair. EURJPY is also at big weekly resistance level.
See EURJPY chart [here].