Ichimoku Analysis (4-hour chart)
Tenken-Sen- 138.51
Kijun-Sen- 138.02
GBPJPY is trading lower on the weak Pound sterling. The increase in COVID -19 cases in the UK and the US is putting pressure on GBP at higher levels. GBPUSD has lost more than 200 pips from a minor top 1.33135. Any major weakness below 1.3100. USDJPY is trading slightly below the 105 level. Any violation below 104.60 targets 104/103. The intraday trend of GBPJPY is bearish as long as resistance 140.30 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.
