The pair has erased gains sharply after making a high of 132.83 yesterday . It is currently trading around 131.95.
GBP/JPY breaks major support 132 confirms continuation bearishness , a decline till 130/128.60 is possible.
Yen continues to surge against all major pairs as weakness in global equity markets has supportive for safe haven appeal.
In the hourly chart, GBP/JPY is trading slightly above Tenkan-Sen (131.73). So a slight jump till 132.35 is possible.
On the higher side ,the pair should break above 133.35 (7 day ) for further bullishness. Any break above 133.35 will take the pair till 133.80/134.05/135.25.
It must break above 140 for the short-term trend reversal. The support is around 132 and a break below will drag the pair till 130/128.60 (Jul 6th low).
It is good to sell on rallies around 132.35 with SL around 133.35 for the TP of 130.10/128.65