GBP/JPY In a Range

GBP/JPY has been going up and down for the past few weeks with price fluctuating between 138 and 142 for a Pound. The pair is now trading at 140.26 and appears to be caught in a narrow range between the support and resistance levels on the short-term.

First and immediate support is seen at 138.80 which is also a double bottom, second support line is seen at 136.40 and third level rests at 135. On the other hand, the resistance levels are R1: 141.00, R2: 142.75, R3: 145.00.

The future of the UK remains unclear as major political events are yet to unfold. They will serve as an indicator for future performance and will shape the expectations of the market participants.

If PM Shinzo Abe decides it's again time to devaluate the Yen, then GBP/JPY will continue on it's way up.

Chart: GBP/JPY H4