Ichimoku Analysis (Daily chart)
Tenken-Sen- 137.08
Kijun-Sen- 137.08
GBPJPY is trading higher on the weak yen. The COVID-19 vaccine optimism has decreased demand for Safe-haven assets like yen. USDJPY recovered sharply and holding above 105 levels. Any violation above 105.85 targets 106.60/107. The intraday trend is slightly bullish as long as support 136.80 holds.
Technical:
In the daily chart, GBPJPY is trading slightly above 100 MA for 2nd consecutive day and any convincing close above 140 will take the pair till 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 sell on rallies around 140.25-30 with SL around 141 for the TP of 138.
