Major resistance- 142.25 (trend line joining 148.45 and 145.39)
Major support – 140.80 (200- day MA)
GBP/JPY shown a slight jump till 142.08 and started to decline from that level. It is currently trading around 141.34.
The pair recovered till 142.17 on 19th Jan after making a temporary bottom around 136.45.
GBP is showing a dip after a major jump against all majors on account of UK Supreme Court ruling over whether parliament approval is required to trigger Article 50.
On the lower side, any break below 140.80 will drag the pair down till 140.29 (60- day EMA)/139.65 (90- day EMA).
The major resistance is around trend line resistance and any break above will take the pair to next level till 143.65 (100 – day MA).
It is good to sell on rallies around 141.45-141.50 with SL around 142.30 for the TP of 140.29/139.65