GBPJPY declined sharply yesterday after a minor jump till 138.32 from 136.55 level. The decline was mainly due to slight weakness in Pound sterling. GBP has lost nearly 100 pips from high of 1.27588. UK MPs has rejected Labor plan to block UK from leaving EU without a deal by 309 to 298 vote.The pair hits intraday low of 137.12. it is currently trading around 137.40.
On the lower side, near term support is around 136.50-55 low made on Jun 4th 2019 and any break below confirms continuation of bearishness.
The major intraday trend reversal only above 138.35 and any indicative break above will take the pair till 138.75/139/139.64.
It is good to sell on rallies around 137.65-70 with SL around 138.20 for the TP of 136.50/136.