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GBP/JPY has once again declined after showing a minor jump above 200- day MA. The pair hits high of 148.40 and started to decline from that level. UK markets are jam packed with data today. Major one is UK CPI which is to be released today and Brexit summit to be happening today. UK CPI is expected to ease slightly for the month of Sep.
The near term resistance is around 148.40 and any break above targets 149/149.30/149.70. The pair should break above 150 for further upside.
On the lower side, near term support is around 147.60 (20- day MA) and any break below 146.85/146.
It is good to sell on rallies around 148-15-20 with SL around 149.30 for the TP of 146
