Ichimoku Analysis (Hourly Chart)
Tenken-Sen- 139.97
Kijun-Sen- 140.37
GBPJPY declined sharply after forming a double top near 141.20 levels. The decline was mainly due to weakness in the Pound sterling on lockdown worries. GBPUSD lost more than 150 pips from a high of 1.37030. UK Final PMI came at 57.5 in Dec compared to an estimate of 57.30. The intraday trend of GBPJPY is neutral as long as support 139.40 holds.
Technical:
The pair's significant resistance at 141.30, any indicative break above targets 142/142.70. Significant trend continuation only if it goes past 142.70. On the lower side, near term support is around 139.40, and any violation below targets 139/137.95/137.19/136.75.
It is good to sell on rallies around 140.25-30 with SL around 141.20 for the TP of 137.95.
