Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 136.65
Kijun-Sen- 136.248
GBPJPY has once again declined after showing a minor jump above 137.40. The sharp sell-off in Pound sterling came after US President Trump has said to halt stimulus package talks with Democrats. GBPUSD lost more than 140 pips and took support near 100- 4H MA. The renewed hopes of US stimulus is supporting GBPUSD at lower levels. The short term trend of GBPJPY is slightly bullish as long as support 135 holds.
The pair is facing strong resistance around 137.47 (200-4H MA) and any indicative break above will take the pair till 138.31/139/140. It is facing strong support at 136.20, any indicative below that level targets 135.80/135/134.60/134/133.
It is good to buy on dips around 136.50-55 with SL around 135.80 for the TP of 138.
