GBPJPY has shown a minor recovery after a more than 3-week weakness. The pair has lost more than 800 pips and hits low of 138.509. The main reason for decline
- Massive sell-off in pound sterling against all majors. GBPUSD declined more than 550 pips on going Brexit uncertainty. UK PM May has announced resignation date as Jun7th. In European election Brexit party has received major votes compared to labor party.
On the lower side, near term support is around 138.50 and any violation above will take the pair to next level till 138/137.25.
The near term resistance is at 140.25 (trend line resistance) and any major bullishness only above that level. Any break above targets 140.65/141.20/141.78.
It is good to buy on dips around 138.55-60 with SL around 138 for the TP of 139.65/140.
