GBPJPY hits 1-week low, further dip till 132 likely

Ichimoku (Daily analysis)

Tenken-Sen- 134.93

Kijun-Sen - 135.82

GBPJPY is trading lower for 2nd consecutive days and lost more than 150 pips from high of 135.67. The pair jumped slightly above 21-day MA and not able to hold above that level. It hits an intraday low of 133.85 and is currently trading around 133.99.

Technical of GBPUSD:

The cable has broken major support at 1.2380 and lost more than 50 pips. The pair hits 7-month low and the overall trend is extremely weak, a dip till 1.2300 is possible. Any major trend reversal only above 1.2580.

USDJPY is still in bearish mode and any trend reversal only above 109 level. The minor intraday support is around 108.40.

On the higher side, near term resistance is around 134.28 (23.6% fib) and any violation above will take the pair till 134.70/135. Any minor trend reversal only above 135.67. The decline from 148.72 will get over at 133.85 only if it breaks above 138.32 level.

The near term major support is around 133.80 and any violation below will drag the pair to the next level till 133/132.

It is good to sell on rallies around 134.30-35 with SL around 135 for the TP of 132.