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Ichimoku Analysis (Hourly chart)
Tenken-Sen- 137.99
Kijun-Sen- 137.51
GBP/JPY was trading higher for 2nd consecutive day and recovered more than 750 pips from low of 130.69. The pair is holding above Cloud and trading above minor resistance 137.12 (50- H MA)/for more than 4 hours.
The near term resistance is around 138.92 (200-H MA) and any break above targets 139.50 (300- H EMA)/140.
On the lower side major support is around 137.50 and any break below targets 137/136.50 (23.6% fib)/135.80.
It is good to buy on dips around 138 with SL around 137.40 for the TP of 140.
