Ichimoku Analysis (Hourly chart)
Tenken-Sen- 131.48
Kijun-Sen- 131.69
GBPJPY recovered sharply and jumped more than 50 pips on the strong Pound sterling. The jump came after better than expected UK Flash manufacturing and services PMI. The Manufacturing PMI came at 40.6 vs forecast 35.1 while services PMI 27.8 vs estimate 24.1. It has jumped to 131.83 at the time of writing and is currently trading around 132.13.
The intraday significant resistance is seen at 132, any violation above will take the pair to the next level till 132.50/133.18. Primary trend continuation only if it breaks 133.20. The decline from 144 will get completed at 124.02 only if it breaks the 136 level.
On the flipside, near term support is at 131.25 (38.2% fib), and any violation below targets 130.80/130.
It is good to buy on dips around 131.50 with SL around 131 for the TP of 133.18.


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