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GBPJPY trades extremely weak on Brexit uncertainty, dip till 138.60 likely

GBPJPY was trading extremely weak in previous week and lost more than 300 pips. The decline was mainly due to Brexit uncertainty. British PM May said that in the final attempt she will be presenting “new bold offer” to get the deal to be done after failing three times in parliament’s approval for her deal. GBPUSD has lost more than 300 pips and trades below major support 1.27729 a dip till 1.26690 likely. GBPJPY hits low of 139.54 and is currently trading around 140.22.

 

On the higher side, near term resistance is around 140.65 and any indicative break above targets 141.18/142. Minor trend reversal only above 142 level.

 

The near term support is around 139.50 and any violation below will drag the pair to next level till 139/138.60. Further weakness only below 138.50.

 

It is good to sell on rallies around 140.65-70 with SL around 141.20 for the TP of 138.60.

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