Major support - 129
GBPJPY is trading lower and lost more than 80 pips till 128.34 from an intraday high of 129.31. It was mainly due to weak pound sterling, especially against USD. The pair declined more than 200 pips from the temporary top 1.23099 on Brexit wobble. UK manufacturing PMI came at a 7-year low at 47.5 compared to 49.5.
The pair has formed a minor top around 130.69 and started to decline from that level. The near term major support is around 128 and any violation below will drag the pair to the next level till 126.50/125.
On the higher side, near term resistance is around 129 and any break above targets 129.31/130.Any break above 130.70confirsm bullish continuation.
It is good to sell on rallies around 129.20-25 with SL around 130 for the TP of 126.55.
