Ichimoku Analysis (Hourly chart)
Tenken-Sen- 139.98
Kijun-Sen- 139.98
GBPJPY trading in a narrow range between 140.65 and 139.60 for the past 3 trading days. The overall trend is still weak as long as resistance 141.50 holds. The yen gained strength after forming a temporary top around 109.28 against USD. Markets eye US-Sino trade talks and Brexit for further direction.
Technically, near-term support is around 139.50-60 and any violation below will drag the pair down till 138.80. The jump from 130.50 will get completed at 141.50 only if pair trade below 138.80.
Major trend continuation can be seen only above 141.50 and any break above temporary top targets 142.50/143.
It is good to sell on rallies around 140.35-40 with SL around 141.50 for the TP of 138.80.
