Ichimoku Analysis (4-hour chart)
Tenken-Sen- 138.609
Kijun-Sen- 138.33
GBPJPY is trading higher for the fourth consecutive day on the strong pound sterling. GBPUSD is holding slightly above the 1.3350 level in hopes of a Brexit deal and COVID-19 vaccine optimism. Any violation above 1.3400 confirms further bullishness. USDJPY is above 104 level, a jump till 105 likely.
Technical:
The pair has broken significant resistance 138.87 which paved the way till 140.31. The decline from 142.71 to 134.4 got completed at 140.31. Any indicative break above targets 142/142.7. On the lower side, near term intraday support is around 138.60, and any indicative break below will drag the pair to 138/137.60.
It is good to buy on dips around 139 with SL around 138.55 for the TP of 140.30
