Ichimoku Analysis (Daily Chart)
Tenken-Sen- 131.24
Kijun-Sen- 132.37
GBPJPY is trading weak after forming a minor top around 132.50 previous week. It has lost more than 150 pips. The pair is struggling to trade above cloud for past 20 days. The slight bearishness in Pound sterling especially against USD is putting pressure on this pair at higher levels. It hits a low of 130.67 and is currently trading around 13.
In the 4 hours chart it should close above 131.60 (Kijun-Sen) for further jump till 132/132.50. Any indicative break above targets 133.19 (May 11th high). The surge past 133.20 will take the pair till cloud top 134.47.
On the flip side, near-term support stands at 130.60 and any violation below will drag the pair down till 130/129.25.
It is good to sell on rallies around 131.45-50 with SL around 132.50 for the TP of 130/129.25.
