Trade Idea GBPJPY (Intraday)
Ichimoku analysis (Hourly chart)
GBPJPY is consolidating in a narrow range between 137.23 and 136.50 for the past two days. The surge in pound sterling against USD on broad-based US dollar selling due to stimulus optimism. The strength in the yen is preventing the pair break above the 137.25 level. USDJPY is trading extremely weak, a break below 104.60 will open doors for further bearishness. The intraday trend of GBPJPY is slightly bullish as long as support 136.20 holds.
In the Hourly chart, GBPJPY is facing strong support at 200-H MA. Any convincing break below 136.77 will drag the pair till 136.20/136. On the higher side, near term intraday resistance is around 137.25 and any indicative break above that level will take the pair till 138/139.
It is good to buy on dips around 136.75-80 with SL around 136.20 for the TP of 138/139.