Ichimoku Analysis (4-hour chart)
Tenken-Sen- 132.31
Kijun-Sen- 131.85
GBPJPY broken major resistance at 133.19 (May 19th high) after a long consolidation. The jump was mainly due to strong Pound sterling. The pound sterling recovered more than 200 pips against USD on broad-based US dollar selling. Markets eye post-Brexit trade deal between the EU and UK for further direction. The GBP showed a jump to 133.66 against JPY and is currently trading around 133.30.
In the 4 hours chart, it is trading slightly above 133.19, which confirms intraday bullishness. A jump till 134/135.75 (Apr 9th high) is likely. The decline from 147.95 will get over at 123.99 only if the pair breaks 135.75.
On the flip side, near-term resistance stands at 132.45 and any violation beyond will take the pair to next level till 132/131.63/130.66.
It is good to buy on dips around 132.75-80 with SL around 132 for the TP of 135.70.
