FxWirePro: GBPJPY Daily Outlook

Ichimoku (Daily analysis)

Tenken-Sen- 132.46

Kijun-Sen - 135.82

GBPJPY continues to trade lower for 3rd consecutive day and lost more than 400 pips from high of 135.67. The major downside was due to huge selling in GBP on the chance of no-deal Brexit fears intensifies.

Technical of GBPUSD:

The cable has shown a massive sell-off and hits more than a 2-year low at 1.31185. The pair is in oversold and a jump till 1.32300 is possible. Momentum indicators RSI is in oversold and showing bullish divergence pattern. Any major trend reversal only above 1.2580.

USDJPY is still in bearish mode and any trend reversal only above 109 level. The minor intraday support is around 108.40.

On the higher side, near term resistance is around 132.55 (23.6% fib) and any violation above will take the pair till 133.22/133.94 (5- day MA). Any minor trend reversal only above 134.25. The decline from 148.72 will get over at 131.61 only if it breaks above 135.67 level.

The near term major support is around 131.50 and any violation below will drag the pair to the next level till 130.69/130.

It is good to buy on dips around 131.75-80 with SL around 131 for the TP of 134.25.