Ichimoku Analysis (Daily chart)
Tenken-Sen- 137.78
Kijun-Sen- 136.74
GBPJPY continues to trade higher and jumped nearly 100 pips from yesterday's low of 138.34. The jump was mainly due to Russia's vaccine for COVID -19 has decreased demand for safe-haven assets like yen, gold. Markets eye UK GDP data to be released today for further direction. The short term trend is still on the higher side as long as support 137.40 holds.
The daily chart shows that the pair is struggling to break above 139.75 (Jun 5th, 2020), any surge past 139.75 targets 141.07/143. The near term support is around 138.60, any break below will drag the pair down till 138.20/137.40.
It is good to buy on dips 138.35-40 with SL around 137.40 for the TP of 141.05.
