Major resistance - 135.07 (300 H EMA)
Ichimoku Analysis (Hourly chart)
Tenken-Sen - 134.75
Kijun-Sen - 134.75
GBPJPY has shown a good recovery of more than 80 pips from low of 134.44 made today. The decline is mainly due to a sudden surge in GBPUSD. The cable is trading slightly above 1.2500 level and any major trend reversal will happen only above 1.2580. GBPJPY hits intraday high 135.26 and is currently trading around 135.11
On the higher side, the pair is trading above trend line resistance at 134.91 and 135.08 (300- H EMA). this confirms minor trend reversal and a jump till 136.05/136.28/136.50. The decline from 148.72 will get over at 133.85 only if it breaks above 138.32 level.
The near term major support is around 134.79 and any violation below will drag the pair to the next level till 134.25/133.85.
It is good to buy on dips around 135-135.10 with SL around 134.50 for the TP of 136.50/137.
