Major support – 135.90 (23.6% retracement of 126.70 and 138.85)
GBP/JPY has jumped sharply after declining till 136.28 level. The pair jumped till 138.86 the high formed on Sep 2nd 2016 and slightly declined till 137.88. It is currently trading at 138.45.
Any break above the high of 138.85 will take the pair till 140/143.25 in the short term.
The pair major downside support stands at 135.90 and any indicative break below that level will drag the pair down till 134.82(10- day MA)/134.The minor support is around 137.50 (resistance turned into support).
The minor weakness below 134 level.
It is good to break above 138.85 with SL around 137.50 for the TP of 140/143.25