GBPJPY trades above 128 level, jump till 130 likely

Ichimoku Analysis (Hourly chart)

Tenken-Sen- 128.19

Kijun-Sen- 127.56

GBPJPY has formed almost a double bottom around 126.54-60 and jumped more than 200 pips. The jump was mainly due to the jump in GBP especially against USD. GBPUSD rose more than 150 pips from low of 1.19583.

The yen is in a narrow range against USD and any major jump can be seen only above 106.70 level. Any break above targets 107.20/107.40.

Technically, the pair is trading higher above 128 level and near term, major resistance is around 129.07-22 (200-H MA and 300-H EMA). Any violation above will take the pair till 130/130.69. The decline from 148.72 will get over around 126.54 only if pair breaks above 130.69.

On the flip side, major support is around 128 and any convincing break below will drag the pair to the next level till 126.50. Major bearish continuation only above 126.50.

It is good to buy on dips around 128.45-50 with SL around 127.90 for the TP of 130.38/130.65.