Ichimoku Analysis (4-hour chart)
Tenken-Sen- 135.60
Kijun-Sen- 135.81
GBPJPY is trading lower on strong yen. The demand for safe-haven assets ahs increased on rising coronavirus death and escalation of the US-China trade war. USDJPY breaks significant support around 106 and holding well below that level.
The 4-hour chart shows that pair took support near 100 MA, any violation below 135 will drag the pair down till 134.12 (Jul 17th, 2020 low). Significant selling below 135.
The near-term resistance is around 136.62, any indicative break above targets 137.60 (200- day MA) is possible. Any daily close above 137.6 will open doors for 140 levels.
It is good to sell on rallies around 135.45-50 around with SL around 136.60 for the TP of 133.98/131.80.
