Ichimoku Analysis (Hourly chart)
Tenken-Sen- 140.92
Kijun-Sen- 140.99
GBPJPY is showing a minor recovery after hitting a low of 140.50. GBP jumped more than 50 pips from a low of 1.3245 against USD on broad-based US dollar selling. The overall weakness in the Pound sterling due to Brexit uncertainty and doubts overextension of the Furlough scheme. The chance of negative interest rate comments by BOE Bailey also putting pressure on Pound Sterling. The intraday trend of the Pound/Yen is bearish as long as resistance 142 holds.
On the hourly chart, the pair surged sharply after a minor dip below 200 – MA. Any close below 140 .80 will drag the pair down till 140/139.66/138.41. It is facing strong resistance at 143.15, any violation above that level targets 144.80/146.
It is good to sell on rallies around 141.55-60 with SL around 142.70 for the TP of 138.50.
