Ichimoku analysis (4- hour)
Tenken-Sen- 140.09
Kijun-Sen- 140.06
GBPJPY has shown a nice break out after a long consolidation between 140.75 and 139.41 for the past 3-weeks. It hits a high of 141.22 and is currently trading around 141.40
The pound sterling is trading soaring against all majors especially USD on Brexit optimism, any convincing crack above 1.30125 targets 1.3200.
Technically GBPJPY is trading well above 140.75, declines from 148.80 will come to end around 126.50 if it infringes 141.50 high made on Oct 17th, 2019. Any breakthrough that level targets 143.
On the flip side, 138.85 will be acting as major support, any indicative break beneath that level will take the pair till 138/137.35. The minor support is approximately 140/139.40.
It is good to buy on dips around 141 with SL around 140 for the TP of 143.
