GBP/JPY: slightly bullish targetting 144.02 200 4hr sma

GBP/JPY is higher on the session, trading at 140.77 currently at time of writing with a low of 138.91 and a high of 141.32. 

The bullish move started from 137.76 at the end of last week's business as the Yen suffers speculation that the BoJ will be easing further in the wake of Abenomics 2.0 while sterling got a lift from some traction in the Brexit aftermath with a new prime minister being appointed sooner than expected who is committed to Brexit despite holding off article 50 until Scotland back the vote. 

Speaking in Edinburgh, Mrs May said: “I have already said that I won't be triggering Article 50 until I think that we have a U.K. approach and objectives for negotiations. I think it is important that we establish that before we trigger Article 50.”

"There are many who doubt that Article 50 will be even triggered," explained analysts at Brown Brothers Harriman, adding, "The argument is that parliamentary approval is needed.  Parliament is, or at least was, opposed.  It was a non-binding referendum that was passed by the smallest of margins."

GBP/JPY levels

138.00 to the downside is a key support level,  however the 1hr sticks offer a slightly bullish bias, so long as 139.50 is intact.  The 50 sma is at 140.39 currently and could mark an area of near term support. To the upside, the 200 sma on the 4hr sticks resides at 144.02 as a key target.