FxWirePro: GBP/JPY recovers slightly on better than expected UK wage growth, good to sell on rallies

Ichimoku Analysis (Daily chart)

Tenken-Sen - 148.01

Kijun-Sen - 146.39

GBPJPY has filled the gap down made yesterday. The pair jumped more than 150 pips from the low of 146.51. The pair has formed temporary top around 149.50 and shown a 300 pips decline. It is currently trading around 148.30.

The pair has taken support near 89- day EMA and any close below targets 145/144.30. GBP was trading highly volatile ahead of Brexit summit on Wednesday of this week. UK wage growth inc bonus came at 2.7% fastest pace in 10 years and unemployment rate steady at 4%.The major near resistance is around 148and any beak above targets 149.30/149.70. Any break above 150 confirms that short term selling got completed at 139.89 and new major bullish trend will continue after breaking 150. Any violation above targets 153.75/156.60.

On the lower side, near term support is around 146.40 (89- day EMA) and any drag below 145/144.

It is good to sell on rallies around 148.55-60 with SL around 149.30 for the TP of 145.