Ichimoku Analysis (4-hour chart)
Tenken-Sen- 134.69
Kijun-Sen- 134.55
GBPJPY is trading higher for six consecutive days and jumped more than 350 pips on the strong Pound sterling. GBP is trading slightly higher against USD and holding above the 1.2500 level. Markets eye UK Chancellor of Exchequer Rishi Sunak stimulus plan. Any break above 1.2600 confirms further bullishness.
The daily chart shows that the pair is trading above 21- and 55- day MA (133.99). The near term resistance is around 135.75, any violation above will take the pair to next level till 136.35/136.60.
On the lower side, strong support is at 133.60, and the violation below that level targets 133/132/131.75.
It is good to buy on dips around 134.75-80 with SL around 133.95 for the TP of 136.35.
