Ichimoku Analysis (4- Hour chart)
Tenken-Sen- 138.36
Kijun-Sen- 138.70
GBPJPY has shown a massive recovery of more than 150 pips on the strong Pound sterling. GBPUSD is holding above 1.3400 after a dip below 1.3200. The pound sterling was one of the worst performers this week on rising concern over new coronavirus in the UK. European countries have started to ban flights coming from the UK on the new strain of coronavirus. Markets eye Brexit talks and virus update for further direction. The intraday trend of GBPJPY is bullish as long as support 137.96 holds.
Technical:
The pair is facing significant resistance at 139.65, any indicative break above targets 140/140.70. Any indicative break above 140.70 confirms trend continuation, a jump till 141.50/142. On the lower side, near term support is around 138.26, and any violation below targets 137.95/137.19/136.75.
It is good to buy on dips around 138.75-80 with SL around 138.25 for the TP of 140.70.
