FxWirePro: GBPJPY Daily Outlook

Ichimoku Analysis (Hourly Chart)

Tenken-Sen- 139.83

Kijun-Sen- 139.98                            

GBPJPY pared most of its gains after hitting a high of 141.21. The pair was one of the best performers the previous week after UK and EU signed a Brexit deal.  The spurt in the number of new COVID- 19 Britain reported a record number of daily COVID cases yesterday by 41385. GBPUSD lost more than 100 pips after the spread of a new stain of coronavirus. The pair is holding above the 1.3500 level, any violation below 1.3400 confirms bearish continuation.  The intraday trend of GBPJPY is bullish as long as support 139.40 holds.

Technical:

 The pair's significant resistance at 140.70 any indicative break above targets 141.21. Minor bullishness can happen only if it breaks 141.25. Any violation above targets 141.43/142/142.70. On the lower side, near term support is around 139.40, and any violation below targets 139/138.25/137.95/137.19/136.75.

It is good to buy on dips around 139.45 with SL around 139 for the TP of 141.20.