FxWirePro: GBP/JPY trades highly volatile ahead of UK Parliamentary Brexit vote,good to sell on rallies

Major resistance - 146

GBPJPY was highly volatile yesterday and was trading more than 100 pips on both sides. Traders are highly cautious ahead of Brexit vote in parliament which is to take place next Tuesday. According Reuters poll if UK parliament rejects Brexit deal GBP might decline nearly 3%.GBP shown a minor recovery against USD from low of 1.26583and is hovering around 1.2700 level.But overall trend is still weak.  GBPJPY hits intraday low of 143.25 and is currently trading around 143.35.

On the higher side, near term resistance is around 145.50-55 (23.6% fib) and any break above targets 144.80/145.45 (20-day MA)/146.

The near term support is around 142.80 and any convincing break below targets 140.

It is good to sell on rallies around 144.95-145 with SL around 146 for the TP of 140.