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Ichimoku Analysis (Hourly chart)
Tenken-Sen- 138.97
Kijun-Sen- 138.61
GBP/JPY was trading higher for 4th consecutive day and jumped nearly 140 pips in past two trading session.It has recovered more than 850 pips from low of 130.69. The yen was trading lower against all majors on resumption of trade talks between US and China. It is currently trading around 138.77.
The near term resistance is around 139.50 (300-H EMA) and any break above targets 140/140.93.
On the lower side major support is around 138.60 and any break below targets 138/137.19.
It is good to buy on dips around 138 with SL around 137.40 for the TP of 140.
