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FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (4-hour Chart)
GBPJPY continues to trade weak for third consecutive days after forming a top around 142.259. The intraday trend is bearish as long as resistance 142.25 holds. The pound sterling has formed a double top around 1.3700 and shown more than 150 pips.
The pair's significant resistance at 142.25, any indicative break above targets 142.70. Significant trend continuation only if it goes past 142.70.A jump till 144/145 likely. On the lower side, near term support is around 140.30, and any violation below targets 140/139.50.
It is good to sell on rallies around 141 with SL around 141.50 for the TP of 139.55.