The GBP/JPY pair has tested resistance at 148.805 overnight and was sold down to the 147.945 level after US President Trump reportedly said that there would be no trade deal between the US and UK unless the UK made a hard brexit from the EU. GBP weakened considerably on the news. The support is now seen at the 100 DMA with a break under here on continued selling looking to test the 50 DMA as support at 147.135. A loss of 147.000 could push price down to the next support at 146.000. The Low from March comes in at 144.979 which is supported by the rising red trend line. Below are the lows from May and June at 143.184 and 143.765 respectively.
Resistance at the blue rising trend line is found at 148.991 today followed by the 200 DMA at 149.496. A break above the 150.000 level would need to continue above 150.500 to confirm the move which could extend towards 151.736. Above this area the high at 153.850 comes into play.
