FxWirePro: GBP/JPY Trade Idea

Short term trend : Bearish

Ichimoku Analysis (Daily chart)

Tenken-sen- 144.25
 

Kijun-Sen- 142.90

 Trend reversal level (intra day) - 146

GBPJPY has pared some of its gain made yesterday almost more than 100 pips after hitting high 145.91 made yesterday. The optimistic news on Brexit deal is supporting price of Pound sterling but markets watch Bank of England monetary policy meeting for further direction. The central bank is expected to keep rates on hold due to ongoing Brexit uncertainty. GBP/USD hits 5 –week high and lost more than 100 pips from the high of 1.30872. It is currently trading around 1.30200.

GBPJPY hits high of 145.91 and shown a major decline from that level. Any major break above 146 (100- day MA) confirms short term bullishness and a jump till 147/148.

On the lower side, 144.50 (55- day EMA) will be acting as near term support and any break below targets 144.07/143 in the short term.

It is good to sell on rallies around 145.35-40 with SL around 146 for the TP of 144/143.

 Resistance

R1- 146
 

R2 - 147
 

R3- 148

Support               

S1- 144.50

S2- 144

S3- 143