Ichimoku Analysis (4-hour chart)
Tenken-Sen- 139.18
Kijun-Sen- 139.40
GBPJPY recovered sharply after a minor dip till 138.67 on strong Pound Sterling. GBP surged past 1.250 against USD on the upbeat Consumer price. The UK CPI Came 12-month came at 1% compared to a forecast of 0.6%. USDJPY is trading weak and any break below 105.30 will drag till 104.70/104.18. The Intraday trend is still on the higher side as long as support 138.60 holds.
The 4-hour chart shows that the pair is holding above Tenken-Sen and Kijun-Sen, any surge past 140.20 targets 140.80/141.92. The near term support is around 138.60, any break below will drag the pair down till 138.20/137.40.
It is good to buy on dips 139.15-20 with SL around 138.50 for the TP of 141.05.
