Ichimoku Analysis (4-hour chart)
Tenken-Sen- 135.53
Kijun-Sen- 135.81
GBPJPY took support near 100- 4H MA and shown a minor recovery on minor weakness in Yen. USDJPY jumped nearly 50 pips from low of 105.11. But the overall trend is weak as long as resistance 106 holds.er on strong yen. The escalation of the US and China trade war and the second wave of coronavirus in countries like U.S, Spain.
The 4-hour chart shows that pair is trading well above 100 and 200 MA, any violation above 136.62 will take the pair to next level till 137.60. Significant buying above 137.60.
The near-term support is around 135, any indicative break below will drag the pair down till 134/131.75 is possible.
It is good to sell on rallies around 135.45-50 around with SL around 136.60 for the TP of 133.98/131.80.
