Ichimoku Analysis (4-Hour Chart)
Tenken-Sen- 137.32
Kijun-Sen- 136.86
GBPJPY is trading higher for 2nd consecutive week and jumped more than 300 pips from a low of 134.36 on the strong Pound sterling. GBPUSD is holding well above 1.3000 on weak US dollar due to upbeat market sentiment. The fear of no-deal Brexit and economic weakness due to Coronavirus is putting pressure on the Pound sterling at higher prices. Markets eye BOE Bailey speech for further direction. The short term trend of GBPJPY is slightly bullish as long as support 135.80 holds.
The pair is trading above 200- 4H MA, any indicative break above 137.87 (50% fib) confirm bullish continuation. A jump till 139.01 (61.8% fib)/140. It is facing strong support at 136.80, any indicative below that level targets 136.20/135.80/135/134.60/134/133.
It is good to buy on dips around 137 with SL around 136 for the TP of 139/140.
