Ichimoku Analysis (Daily chart)
Tenken-Sen- 133.59
Kijun-Sen- 132.90
GBPJPY continues to trade higher for 4th consecutive days and shown a massive surge of more than 500 pips on weak yen. The pair has broken major resistance 135.75 Apr 9th, 2020 high) and jumped past 200- day EMA. It is currently trading around 136.88.
From the daily chart, it shows that the pair is holding well above 100-day MA and 55- day EMA (136.14/133.47). The near term resistance is around 137.13 (200- day MA), any daily close above will take the pair to next level till 138/139.80.
On the lower side, strong support is at 135.75 (resistance turned into support), and the break below will drag the pair down till 135/134.60/133.60/133.
It is good to buy on dips around 136.50-55 with SL around 135.75 for the TP of 138.50
