FxWirePro: GBPJPY trade idea

Major support -147

GBPJPY is trading weak for second consecutive day and lost more than 120 pips from high 148.38 on account of Brexit uncertainty. The pair recovered slightly after better than expected UK jobs data. UK jobless change for Feb came at 27k compared to forecast of 13.1K but unemployment rate came at 3.9% vs estimate of 4%. UK average earnings came at 3.4% vs 3.2% 3m/y.It hits intraday high of 147.81 and is currently trading around 147.71.

On the lower side, near term support is around 146.85-147 and any break below confirms minor weakness and a decline till 146.45 (200- H MA)/146.25 is possible. Markets eye UK Parliamentary vote on Brexit deal for 3rd time on Wednesday and UK jobs data which is to be released today for further direction.

The near term major resistance is around 148.05 and any break above will take the pair to next level till 148.40/148.87. Any further bullishness only above 148.90.

It is good to sell on rallies around 148.-148.10 with SL around 148.80 for the TP of 146.45.

Resistance

 R1- 148.05

R2 -148.40

R3-148.87

Support               

S1- 147

S2- 146.45

S3- 146.25