GBP/JPY: nervous sterling bulls expose downside, fresh 'conventional lows'

GBP/JPY is currently on the offer yet again on the back of another sell-off in the pound due to this "The Times" article on a leaked government document that the media is using to proclaim how Britain risks close to losing 10% GDP on a hard Brexit. 

The news came out yesterday in Asia around the Tokyo open and sent sterling slightly lower by 30 pips vs the greenback where it was unable to recover and now markets are getting back behind the offer as the week progresses taking advantage of a fragile pound with a lack of conviction from any bids and nervous bulls. This is making for fresh conventional lows given the flash crash were unconventional produced by machines and forcing the market to pull bids. 

GBP/JPY levels

With spot trading at 125.03, we can see next resistance ahead at 126.37 (Daily Classic S3), 126.93 (Daily Classic S2), 127.39 (Hourly 20 EMA), 127.49 (Yesterday's Low) and 127.50 (Daily Classic S1). Support below can be found at 124.83 (Daily Low), 123.27 (Weekly Classic S1), 118.46 (Weekly Classic S2), 117.67 (5 Year Low) and 113.97 (Weekly Classic S3).