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Ichimoku Analysis (4-hour chart)
Tenken-Sen- 139.21
Kijun-Sen- 139.19
GBPJPY has recovered slightly above 140 and started to decline. The jump was mainly due to a slight jump in Pound Sterling on an upbeat market mood. The easing US and China trade tension and COVID -19 vaccine hopes is decreasing demand for Safe-haven assets like yen. Markets eye EU and UK talks on Brexit deal for further direction. The overall trend of Pound/Yen is bullish as long as support 138.25 holds.
The 4-hour chart shows that the pair is holding well above 100 MA. Any break above 140.20 will take pair till 141/141.80. The near term support is around 138.25, any break below targets 137.40/136.60.
It is good to sell only below 138.20 with SL around 140 for the TP of 136.60/135.
Or
Buy above 140.20 with SL around 139.50 for the TP of 141.80.
