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GBPJPY is trading lower for fourth consecutive day and has lost more than 100 pips in this week. The decline in this pair was mainly due to global stock market selling has increased demand for safe haven assets like Yen. UK CPI came at 2.3% in Nov which is lowest level in 20-month . Markets eye UK retail sales data and BOE which is to be released today for further direction. BOE is expected to keep interest rates unchanged with cautious tone. The pair hits low of 141.41 and is currently trading around 141.52.
On the higher side, near by resistance is around 142 (23.6% fib) and any break above targets 142.70 (10- day MA)/143.75/144.50.The pair should break above 146 for further bullishness.
The near term support is around 141.17 and any violation below targets 139.85.
It is good to sell on rallies around 142.65-70 with SL around 143.55 for the TP of 140.
