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Ichimoku Analysis (Hourly chart)
Tenken-Sen - 147.64
Kijun-Sen - 147.88
GBP/JPY has shown a minor recovery after a good 250 pips sell off. The slight jump was due to good recovery in GBP especially against USD. The pair hits intraday high of 148.01. It is currently trading around 147.77.
The pair is trading still below 200- H MA and any close above confirms minor bullishness.
On the higher side, near term resistance is around 148.25 (200- H MA) and any break above targets 149/149.40/150.
The near term support is around 146.75 (20- day MA) and any break below will drag the pair down till 145.95/145.
It is good to sell on rallies around 148.15-20 with SL around 149.30 for the TP of 145.
