Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 136.65
Kijun-Sen- 136.248
GBPJPY is trading higher for 2nd consecutive days on the strong Pound sterling. The positive comment from Bank of England chairman Bailey on the UK economy is supporting Pound sterling at lower levels. The upbeat market sentiment on hopes of fresh stimulus from the US is dragging the US dollar lower. GBPUSD recovered more than 100 pips from yesterday's low of 1.28440. Any violation above 1.3010 confirms the minor trend continuation. The short term trend of GBPJPY is slightly bullish as long as support 135 holds.
The pair is hovering near 200- 4H MA, any indicative break above 137.40 confirm intraday bullishness. A jump till 138/139.01 (61.8% fib). It is facing strong support at 136.80, any indicative below that level targets 136.20/135.80/135/134.60/134/133.
It is good to buy on dips around 136.50-55 with SL around 135.80 for the TP of 138.
