Ichimoku Analysis (4 hour chart)
Tenken-Sen- 141.24
Kijun-Sen- 140.83
GBPJPY continues to trade higher and broken significant resistance 141.61 levels. The jump was mainly due to strong pound sterling. GBP is surging sharply against the US dollar on broad-based dollar selling. Markets eye UK new tax and Britain PMI manufacturing index for further direction. The intraday trend of the Pound/Yen is bullish as long as 140 holds.
The pair is holding above 141.60 after a long consolidation, This confirms bullish continuation, a jump till 142.62/142.87/144.95.On the flip side, near term support is around 140.80, and any break below targets 140.13/139.50. The near term resistance is around 142, any break above targets 143/144.80.
It is good to buy on dips around 141.85-90 with SL around 141.20 for the TP of 143/144.80.
