GBPJPY was trading extremely weak and lost more than 850 pips in past 2 months on account of trade war escalation and Brexit uncertainty. US and China trade tension is putting pressure on riskier assets and demand for safe haven like gold and Yen has increased. GBP was trading weak especially against USD and lost nearly 100 pips yesterday.It is trading extremely weak and a decline till 1.2770 is possible. GBPJPY hits low of 140.20 and is currently trading around 140.41.
On the lower side, major support is around 140 and any violation below will drag the pair to next level till 139.50/138.60.
The near term resistance is around 141.10 and any violation above will take the pair to next level till 141.65/142.30.Minor bullishness only above 142.30.
It is good to sell on rallies around 141.45-50 with SL around 142.30 for the TP of 138.65.