Ichimoku Analysis (Hourly chart)
Tenken-Sen- 138.085
Kijun-Sen- 138.056
GBPJPY is trading slightly weak on a strong yen. Markets eye Brexit trade talks updates for further direction. The recent EUToday poll shows that 52.4% believe EU-UK post-Brexit trade deal will not happen and 23.8% feel it will happen. USDJPY declined more than 100 pips from a minor top around 105.67. Any violation above 105.85 targets 106.60/107. The intraday trend is slightly bullish as long as support 137.50 holds.
Technical:
In the hourly chart, GBPJPY has taken support near 200- EMA, and any convincing break below 137.50 targets 1367/136.60. On the higher side, near term intraday resistance is around 138.60, and any indicative break above that level targets 139/140.
It is good to sell on rallies around 138.95-39 with SL around 140 for the TP of 136.60.
