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Trade Idea GBPJPY (Intraday)
Ichimoku analysis (Hourly chart)
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.
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.