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FxWirePro: Buy GBPJPY on dips
Ichimoku analysis (15 min chart)
GBPJPY has halted its one week of the bearish trend and shown a minor recovery of nearly 50 pips. The slight jump in pound sterling is supporting the price at lower levels. The fear of lockdown in London due to an increase in coronavirus cases is putting pressure on the pound sterling at higher levels. GBPUSD is facing strong resistance at 21-day MA at 1.29756 and any close above that level targets 1.3000/1.3050. The intraday trend of GBPJPY is bullish as long as support 134.60 holds.
In the 15 min chart, GBPJPY is facing significant resistance at 135.28 (200 MA). Any convincing break above will take the pair till 136/136.20. On the lower side, near term intraday support is around 135, and any indicative break below that level targets 134.60/134.
It is good to buy on dips around 135.20-25 with SL around 134.80 for the TP of 136.45.