FxWirePro: GBPJPY struggles to hold above 140 level, good to sell on rallies

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 139.37

Kijun-Sen- 139.30

GBPJPY declined more than 100 pips from a high of 139.95 on the weak Pound sterling. The GBP is trading weak against USD on Brexit uncertainty and broad-based US dollar buying. The pound sterling lost more than 150 pips from minor top 1.32671. The intraday trend is weak as long as resistance 140 holds.

The 4-hour chart shows that the pair is holding below Tenken-Sen and Kijun-Sen, any break below 138.50 (100-4H MA) will drag the pair down till 137.40/136.60. The near term resistance is around 140.20, any break above targets 141.10/142.

 It is good to sell on rallies around 139.30-35 with SL around 140.20 for the TP of 137.40.