Ichimoku Analysis (Hourly chart)
Tenken-Sen- 131.45
Kijun-Sen- 128.83
GBPJPY continues to trade weak for the past 4 weeks and lost nearly 1500 pips on the weak Pound sterling. GBP is trading lower against all majors especially USD, declined below 1.2000 level.
The overall trend of the pair is still bearish as long as resistance 134.31 holds. Any break underneath 128.50 confirms trend continuation and a dip till 126.54 likely.
The immediate resistance is around 130.60, any indicative break higher targets 132/134.21.
It is good to sell on rallies around 129.85-90 with SL around 131 for the TP of 126.50.
