GBP/JPY: 140.00 in sight.
GBP/JPY: Upon breaking 145.00, bearish momentum penetrated 144.00, then 142.50 (weekly support). The next stop from a technical perspective would be 140.00 monthly support, which coincides with lows that have not been met since June 20, 2017.
Today, we witnessed the retest of the broken 142.50 support region, which is now the most recent and relevant form of resistance. If 140.00 breaks through and the price remains below, then 137.50 is our next point of call.
Previous Post: 145.00 to147.50 is the 200 PIP range to keep an eye on. If 145.00 holds firm, a rebound can occur up and beyond 147.50.
If 145.00 breaks to the downside (daily), then 144.00 is the immediate daily support level that the pair could easily reach.