Ichimoku Analysis (hourly chart)
Tenken-Sen- 136.95
Kijun-Sen- 136.90
GBPJPY has formed a temporary bottom near 136.50 and is consolidating for past two trading days.The pair was trading extremely weak for past 10 days and lost more than 400 pips on GBP weakness due to Brexit uncertainty. It is currently trading around 137.22.
The near term major intraday resistance is around 137.30 and any violation above will take the pair to next level till 137.55/138.15.Any break above 138.15 (200-H MA) confirms bullish continuation and jump till 138.72 likely.
On the lower side, major support is at 136.50 and any violation below will drag the pair to next level till 135.80/135.50.
It is good to buy above 137.30 with SL around 136.80 for the TP of 138.15/138.70.
