FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (Hourly chart)
GBPJPY has formed almost a double top near 139.85 in the hourly chart. It has started to decline on the strong yen. USDJPY continues to trade weak after forming a minor top at 104.76. The pound sterling has shown a minor sell-off after the European commission president said that a no-deal Brexit remains a possibility.
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 139, and any indicative break below will drag the pair to 138.45/138/137.60/137.19.
It is good to sell on rallies around 139.75-80 with SL around 140.31 for the TP of 138.