Ichimoku Analysis (Hourly chart)
Tenken-Sen- 129.21
Kijun-Sen- 128.01
GBPJPY declines sharply after hitting high of 132.06 yesterday. The sell-off from higher level are due to weakness in pound sterling against USD. GBPUSD lost more than 400 pips 1.19239.
On the higher side, near-term resistance is at 132 (38.2% fib) and violation above will take the pair to next level till 133.15/134.30.
The immediate support stands at 128 and any break beneath targets 126/13.99. Major weakness only below 123.99.
It is good to sell on rallies around 129.90-130 with SL around 132 for the TP of 124.
