FxWirePro: GBP/JPY declines sharply almost 100 pips, markets eye UK CPI report

• GBP/JPY is continuing its weakness and has declined more than 100 pips yesterday due to strong yen. US trump tweet regarding US –China trade negotiations has strengthened yen on account of rising geo political tensions. GBP was trading weak against all majors after Dovish comment for m BOE Governor Carney yesterday. USD/JPY declined more than 100 pips from the high of 111.39 on account of renewed geo political tensions. But GBP was trading weak against all majors especially with USD. Cable declined sharply almost 100 pips yesterday after showing a minor jump till 1.34915. Markets eyes UK CPI report for further direction. GBPJPY hits low of 147.86 and is currently trading around 147.59.
   
• The pair is facing strong resistance at 150 and any convincing break above 150 will take the pair to next level till 150.64 (100- day MA)/151/152.80.The minor resistance is around 147.82.
   
• On the lower side, near term major support is around 149 and any convincing break below will drag the pair to next level till 148/147.

It is good to sell on rallies around 148.35-40 with SL around 149 for the TP of 147.