Ichimoku Analysis (Weekly chart)
Tenken-Sen- 134.52
Kijun-Sen- 135.97
GBPJPY was trading higher for 3rd consecutive week and jumped more than 600 pips on weak yen. The increase of risk appetite in markets has decreased demand for Safe-haven assets like the gold, yen. USDJPY hits 2- month high at 109.84 and facing strong resistance at 200-W MA. Any break above 109.84 confirms further bullishness.
The weekly chart shows that the pair is trading is struggling to break above 140.07 (100-W MA), any violation above targets 141.88/143. On the lower side, strong support is at 137.62, and the violation below will take the pair to 136.37/135.75.
It is good to sell on rallies around 139.70-75 with SL around 140.50 for the TP of 138.
