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  • Sterling is struggling to develop momentum against the softening Yen as Brexit headlines shake out bulls.
  • 5 UK ministers have resigned from their positions  within the Brexit cabinet in protest of PM May’s latest proposal.
  • Monday’s action produced the GBP/JPY’s telltale whipping, but ended flat.

GBP/JPY chart, 15-Minute

Spot rate:   147.14
Relative change: 0.19%
High:   147.17
Low:   146.78
   
Trend:   Bullish to flat
   
Support 1:   146.02 (key major barrier; previous day low)
Support 2:   145.17 (previous week low)
Support 3:   143.76 (one month low)
   
Resistance 1:   147.60 (previous day high)
Resistance 2:   147.80 (100.0% Fibo expansion level)
Resistance 3:   147.98 (one month high)