Ichimoku Analysis (4-Hours chart)
Tenken-Sen- 134.92
Kijun-Sen- 136.02
GBPJPY continues to trade lower after a minor recovery till 136.04. The decline was mainly due to massive sell-off in Pound sterling, especially against USD. The pair lost more than 300 pips on fear of the second wave of the corona.
From the 4-hour chart, it shows that the pair is trading below 55 –day EMA and 200- EMA (135.64 and 134.20). Any break below 133.20 (200-4H MA) will drag the pair down till 131.78. On the higher side, strong resistance is at 134.62, and the violation above will take the pair to 135.64/136.05/136.68.
It is good to sell on rallies around 134.65-70 with SL around 135.65 for the TP of 131.78.
