Ichimoku Analysis (4-hour Chart)
Tenken-Sen- 141.93
Kijun-Sen- 141.88
GBPJPY is trading in a narrow range between 140.35 and 142.33 for the past three days. The pair has lost more than 50 pips after weak UK retail sales data. It came at 0.3% MoM in December compared to a forecast of 1.4%. The Intraday trend is neutral as long as resistance 142.25 holds. The Pound sterling declined more than 60 pips against the USD on an upbeat market mood.
Technical:
The pair's significant resistance at 142.25, any convincing break above targets 142.70. Primary trend continuation only if it goes past 142.70.A jump till 144/145 likely. On the lower side, near term support is around 14170, and any violation below targets 141/140.35.
It is good to buy on dips around 141.25-30 with SL around 140.77 for the TP of 142.25.
