FxWirePro: GBP/JPY trades above 148 level on weak yen, jump till 150 likely

• GBP/JPY has jumped sharply more than 130 pips yesterday on account of weak yen. The yen was trading weak especially against US dollar.GBP is continuing its weakness for third consecutive days on Brexit uncertainty. The continuous back to back resignation of Brexit Secretary and Foreign Secretary has created political uncertainty. GBP movement depends on US CPI data which is to be released today. Cable is facing strong support at 1.3185 and nay violation below confirms minor weakness, a decline till 1.3100 likely.The pair hits intraday high of 148.28 and is currently trading around 148.17.
   
• The pair is facing strong resistance at 148.21 (100- day MA) and any break above will take the pair till 149/149.52 (200- day MA).
   
• On the lower side, near term support is around 146.80 (50- day MA) and any break below will take the pair to next level till 146/145/144.38/144. The near term support is around 147.55 (55- H EMA)/147.16.

It is good to buy on dips around 147.25-30 with SL around 146.80 for the TP of 149/149.50.