Major Support - 145 (trend line support)
GBPJPY is trading extremely weak and lost nearly 300 pips on account of Brexit uncertainty and strong yen. The pair hits low of 145.01 and shown a minor jump on account of better than expected UK retail sales data. UK retail sales rose 0.4% in Feb compared to forecast of -0.4% but slightly less than previous month 0.9%. Markets eye BOE “Super Thursday” for further direction. The pair hits low of 145.06 and is currently trading around 145.22.
On the lower side any convincing break below 145 will take the pair to next level till 143.75/143.
The near term resistance is around 145.89 and any break above will take the pair to net level till 146.20/146.87/147.38 (61.8% fib). It should break above 148.05 for further bullishness.
It is good to sell on rallies around 145.25-30 with SL around 146 for the TP of 143.75.
