Ichimoku Analysis (4-Hours chart)
Tenken-Sen- 137.23
Kijun-Sen- 137.84
GBPJPY has shown a minor recovery from a low of 136.23. The overall trend is still weak as long as 139.75 holds. The strength in yen due to an increase in demand for Safe- haven is putting pressure in this pair at higher levels. USDJPY breaks major support 108.08 and confirms the bearish trend, a dip till 105.98 likely.
From the 4- hour chart, it shows that the pair is holding above 55-4H EMA (136.04). Any break below that level will drag the pair down till 135.75/134.51. On the higher side, strong resistance is at 138, and the violation above will take the pair to 138.60/139.75.
It is good to sell on rallies around 137.75-80 with SL around 139 for the TP of 134.55.
