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Trade Idea GBPJPY (Intraday)

Ichimoku analysis (Hourly chart)

 

Tenken-Sen- 136.52

 

Kijun-Sen- 136.81

 

GBPJPY continues to trade weak after forming a top around 137.60. It hits a low of 136.30 and shown a minor recovery.  GBPUSD has taken support near 200-H MA and surged past 1.3000 level. The Brexit pessimism and number of new COVID-19 cases in the UK are putting pressure on the Pound sterling at higher levels. The intraday trend of GBPJPY is slightly bullish as long as support 136.20 holds.

 

Technical:

In the Hourly chart, GBPJPY is facing strong support at 200-MA.  Any convincing break below 136.20 will drag the pair till 136/135.65/135.48. On the higher side, near term intraday resistance is around 137.60 and any indicative break above that level will take till 138/139.

 

It is good to buy on dips around 136.35-40 with SL around 136 for the TP of 137.60/138.   

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