FxWirePro: GBP/JPY trades above 200 day MA, any daily close above targets 150

Ichimoku Analysis (daily chart)

Tenken-Sen - 148.18

Kijun-Sen -  146.15

GBP/JPY is trading higher for third consecutive days after a sell off of more than 200 pips from the high of 149.42. The good jump was due to good recovery in GBP especially against USD. The pair hits intraday high of 148.84. It is currently trading around 148.79.

The pair has taken support near 20- day MA and any close below confirms minor bearishness.

On the higher side, near term resistance is around 149.30 and any break above targets 150/151.95.

The near term support is around 148.10 (20- day MA) and any break below will drag the pair down till 145.95/145.

It is good to sell on rallies around 148.15-20 with SL around 149.30 for the TP of 145.