Ichimoku Analysis (1-Hour chart)
Tenken-Sen- 138.50
Kijun-Sen- 138.74
GBPJPY is trading slightly lower after hitting a high of 139.23. The intraday trend is still on the higher side as long as support 138. GBPUSD retreats from 4-month high on the possibility to end the furlough scheme. The optimistic view on the UK economy by BOE is supporting Pound at lower levels.
The hourly chart shows that the pair is holding below the cloud (138.40). Any break below 137.60 (200-H MA) will drag the pair down till 137/136.60. The near term resistance is around 139.25, any break above will take the pair to 139.75/141.07.
It is good to sell on rallies around 138.55-60- with SL around 139.30 for the TP of 137/136.60.
