Major support - 140
GBPJPY has recovered slightly of more than 150 pips from low of 141.17 on account of broad based weakness in JPY. But Brexit uncertainty is putting pressure on this pair. GBP was trading lower yesterday amid better than expected wage growth. German Merkel has rejected UK PM May plan for renegotiation of Brexit deal. Markets eye EU Brexit summit on Thursday for further direction. GBPJPY hits high of 142.95 and is currently trading around 141.90.
On the lower side ,near term support is around 139.89 low made on Aug 15th 2018 and any break below 138/136.
The near term resistance is around 143 and any convincing break below targets 144.50/146.
It is good to sell on rallies around 143 with SL around 144 for the TP of 140.
