Ichimoku Analysis (Hourly chart)
Tenken-Sen- 131.98
Kijun-Sen- 132.33
GBPJPY has broken significant support at 131.90 after a long consolidation. The decline was mainly due to weakness in Pound sterling. GBPUSD lost more than 90 pips from an intraday high of 1.24500 level.
Technically, near term intraday support around 131.50 and any indicative break beneath will drag the pair down till 131/129.80. The immediate resistance is at 132.35 and the violation beyond will take the pair to the next level till 133.18/133.85. Significant trend continuation only if it breaks the 136 level.
It is good to sell on rallies around 131.65-70 with SL around 132.35 for the TP of 129.80.
