GBPJPY is consolidating in narrow range after a dip till 141.93. Markets are trading quiet and traders await US Fed policy for further direction. The yen was trading higher against all majors on global stock market turmoil has increased demand for safe haven assets. The pair has formed temporary top around 149.48 on Nov 8th 2018 and declined more than 700 pips. UK CPI data which is to be released today will have minor impact on GBP. But Brexit uncertainty stills prevails. The pair hits high of 142.65 and is currently trading around 142.23.
On the higher side, near by resistance is around 142.50 (23.6% fib) and any break above targets 142.93 (10- day MA)/144/145.The pair should break above 146 for further bullishness.
The near term support is around 142 and any violation below targets 141.17. The major support is around 141.17 low made on Dec 10th 2018.
It is good to sell on rallies around 143 with SL around 144 for the TP of 141.20.
