The regional currencies in EU are increasingly sensitive to geopolitical factors that affects either the financial or political stability. One example is the movement of British Pound being responsive to headlines of the Brexit deal negotiation.
On the other hand, more investors are turning to safe havens on a general risk-off tone after the recent surprise sell-off in the US. The Japanese Yen being one of the safe havens has been strengthening since then. Combining the potentials in GBP and JPY, GBP/JPY may present a possible trading opportunity.
On a daily chart, it is clear that there are multiple tiers of major resistance and support levels (highlighted by green and red lines). The most recent support level being breached was around 147.00 suggesting a potential downtrend. Further, MACD (12,26,9) is indicating an accumulation of downward momentum. The next level to watch could be around 145.00 (Fibonacci 38.2%). If the selling pressure persists, it is possible for the trend to head towards around 143.00 (Fibonacci 23.6%).
However, a bounce around 145.00 (Fibonacci 38.2%) is possible to pull the trend back to above 147.00 if the Brexit negotiation is eased, or market sentiment improves and investors retreat from using the Japanese Yen as a safe haven.