GBPJPY is approaching two MAJOR SUPPORT LEVELS, the first being at the 141.01-141.15 area which has seen some decent INSTITUTIONAL BUYING in the past. The Second Support being at the 139.80 area which is a STRONG SUPPORT as well. It's expected that GBPJPY will bounce from one of these LEVELS and go towards the RESISTANCE at 143.80. So, traders can look for BUY at 141 with very small SL at 140.70. TPs can be SET at 142.30 and 143.80. If the above SUPPORT fails, traders can BUY at 139.80 with SL below 139.30 and target 141 and 144 as TPs respectively.
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First Support Failed very quickly. Price went straight through it. Now we look at the 139.80-140.10 area for bottoming price action.