Ichimoku Analysis (Hourly chart)
Tenken-Sen- 138.07
Kijun-Sen- 138.26
GBPJPY downside capped by 200- H MA and shows a minor recovery. The pair's jump was mainly due to strong Pound sterling. Markets eye Brexit talks which have resumed in Brussels for further direction. USDJPY is trading weak; any violation below 104.20 confirms bearish continuation. The intraday trend of GBPJPY is slightly bearish as long as resistance 138.50 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
