GBPJPY is consolidating after a huge sell-off of 300 pips in previous week. The decline was mainly due to Brexit uncertainty. Cross party talks between Labor and government ended without any agreement.The house of commons vote on her EU withdrawal agreement bill this week beginning Jun 3rd.GBPUSD is trading weak for past 11 trading days and lost 350 pips. GBPJPY hits low of 139.54 and is currently trading around 139.81.
On the higher side, near term resistance is around 140.65 and any indicative break above targets 141.18/142. Minor trend reversal only above 142 level.
The near term support is around 139.50 and any violation below will drag the pair to next level till 139/138.60. Further weakness only below 138.50.
It is good to sell on rallies around 140.55-60 with SL around 141 for the TP of 138.60.
