Major support- 132.80 (55- day EMA)
GBPJPY has lost more than 300 pips after forming a temporary top around 135.75 on the weak Pound sterling. GBP declined more than 2.5% against USD from high 1.25821 made on Sep 20th, 2019. It is currently trading around 1.22942.
Technically, near term support is around 132.20-30 (38.2% fib) and any break below will drag the pair till 131.60/130.10.
The minor intraday trend reversal only above 133.30 and any violation above will take the GBPJPY till 134/134.60. Major trend reversal only above 135.75.
It is good to sell on rallies around 132.75-80 with SL around 133.30 for the TP of 131.60.
