GBP/JPY -0.94% has shown a slight jump till 149.99 on Friday and declined sharply from that level on UK political uncertainties. The pair broken previous low of 148.45 and declined till 148.18 at the time of writing. It is currently trading around 148.15.
The UK PM is under pressure after 40 Conservative party MP are ready to sign a no confidence letter. Brexit Secretary dismissed EU’s 2- week deadline and highlighting the lack of progress in the Brexit talks.
The pair’s near term support is around 148.15 (55- day EMA ) and any break below will drag the pair till 146.95/146.05 (50% fibo)/145. In the four hour chart pair is trading well below 233- MA- and 100- MA. This con firms minor trend weakness and a dip till 147/146 likely.
On the higher side, near term resistance is around 150 and any break above will take the pair to next level till 150.35/151/151.60. Overall bullish continuation only above 152 .86. The minor resistance is around 149.40.
It is good to sell on rallies around 148.35-148.40 with SL around 149.40 for the TP of 146.05/145.
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