FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (Daily chart)
GBPJPY continues to trade higher on the strong pound sterling. GBPUSD holds above 1.3350 on hopes of a Brexit deal. According to JP Morgan, there is an 80% chance of a Brexit deal up from two-thirds. The deal's major barriers are fishing rights, level playing field, and governance. Markets eye Rishi Sunak spending review today for further direction.
The pair is facing strong resistance 140.31, break above confirms bullish continuation. A jump to 142.71/143 is possible. On the lower side, near term intraday support is around 138.60, and any indicative break below will drag the pair to 138/137.60/137.19.
It is good to buy on dips around 139 with SL around 138.55 for the TP of 140.30.