Major resistance - 146
GBPJPY has lost more than 100 pips after breaking minor trend line support at 144. The pair was trading in narrow range for past 10 days. The Japanese yen is trading strong against all majors yesterday due to declining stock markets. The renewed Brexit uncertainty is also putting pressure on this pair. GBP breaks major support has declined more than 100 pips against USD yesterday. The pair hits low of 142.84 yesterday and is currently trading around 143.47.
On the higher side, near term resistance is around 145 and any break above 145 targets 146.91 (200-day MA)/148.
The near term support is around 142.80 and any convincing break below targets 140.
It is good to sell on rallies around 143.75-80 with SL around 144.30 for the TP of 140.
