Ichimoku Analysis (Weekly chart)
Tenken-Sen- 137.01
Kijun-Sen- 136
GBPJPY is trading higher on the strong Pound sterling. The better than expected UK jobs are supporting prices at lower levels. The UK Oct jobless claims came at -29.8K vs +36K expected and UK wages rose by 1.9% YoY vs forecast of 1.5%. The intraday trend is slightly bullish as long as support 136.80 holds.
Technical:
In the Weekly chart, GBPJPY is trading slightly above 100 MA and any convincing close above 138.05 will take the pair till 140/142.50. On the lower side, near term intraday support is around 137.80, and any indicative break below that level targets 137/135.95/135.37/135.20/134.80/134.
It is good to buy on dips around 138 with SL around 137 for the TP of 140/142.70.
