Ichimoku analysis (4-hour chart)
Tenken-Sen- 131.20
Kijun-Sen- 131.81
GBPJPY continues to trade lower after hitting a high of 131.93 yesterday. The pair has formed a temporary top around 135.45 and started to decline from that level. The intraday trend is still on the downside as long as resistance 132 holds.
USDJPY is trading weak and convincing break below 106.75 confirms bearish continuation.
The near term resistance is around 131.37 and any violation above will take the pair to 132/132.60. Minor trend reversal only if it breaks 133.20. The decline from 144 will get completed at 124.02 only if it breaks the 136 level.
On the flip side, 129.80 will be acting as major support, and indicative violation below targets 128.
It is good to sell on rallies around 130.50-55- with SL around 131.20 for the TP of 128.25.
