GBPJPY has halted its 4 days of bullishness and shown a minor profit booking. The pair jumped nearly 800 pips due to a strong Pound on Brexit optimism. The Pound sterling was trading extremely higher against USD and flew nearly 5%. The easing of US-China trade tension is also supporting prices as demand for safe-haven assets decreased.
On the flip side, near term weakness only below 137.23 (23.6% fib) and any violation below will drag the pair down till 136.45/135.75.
The near term resistance is around 139.35 and any convincing break above targets 140.40/141/141.70.
It is good to buy on dips around 138 with SL around 137.20 for the TP of 140.
