FxWirePro: GBPJPY Daily Outlook

Ichimoku Analysis (1-Hour Chart)

Tenken-Sen- 137.32

Kijun-Sen- 136.86

GBPJPY is trading in a narrow range between 137.84 and 137.22 for the past two days.  The pound sterling lost more than 40 pips after mixed UK jobs data. The Claimant count came at 28000 less than the estimate of 78000, unemployment at 4.5% vs forecast of 4.3%. The renewed optimism on UK-EU trade negotiations is supporting GBPUSD at lower levels. The short term trend of GBPJPY is slightly bullish as long as support 136.80 holds. 

The pair has taken support near the cloud bottom and shown a nice recovery. The near term resistance is around 137.87 (50% fib), any indicative surge past that level confirms trend continuation. A jump till 138.20/139 is possible. It is facing strong support at 136.80 (200- H MA), any indicative below that level targets 136.20/135.80/135/134.60/134/133.

 It is good to buy on dips around 137.30-35 with SL around 136.80 for the TP of 139/140.