Major support - 136.50
GBPJPY has formed almost a triple bottom near 136.50 and is consolidating around that level. The pair has formed major top around 148.87 and declined more than 1200 pips. The decline was mainly due to broad based weakness of Pound sterling against all majors especially with USD on Brexit uncertainty.
The pound sterling is trading weak for past 3 months and lost more than 800 pips and any break below 1.2550 low made on May month confirms bearish continuation and a decline till 1.23730 likely.
On the flip side, any violation below 136.50 confirms major trend reversal and a dip till 135.59/135/132.55.
The major resistance is around 137.15 and any convincing break above will take the pair to next level till 137.78/138.40. Minor trend reversal only above 138.40.
It is good to sell below 136.50 with SL around 137.15 for the TP of 135/132.55.
