GBPJPY continues tor trade lower after forming a minor top around 144.60. The pair recovered till 142.35 and started to decline. The overall trend is still on the downside and a dip till 139.35 possible. The decline from 156.60 will get completed at 126.95 only if the pair breaks 147.95. The pair hits a low of 141.26 and is currently trading around 141.58.
The sharp sell-off in pound sterling against USD more than 200 pips from temporary top 1.31750 and strength in yen is putting pressure in GBPJPY.
On the flip side, near-term support is around 140.80 and any violation below will drag the pair down till 139.28/138.87.
The resistance to being watched at 142.45 high made in this week, an indicative break above targets 143.03/143.40.
It is good to sell on rallies around 141.65-70 with SL around 142.45 for the TP of 140/139.35.
