Ichimoku Analysis (Hourly chart)
Tenken-Sen- 139.95
Kijun-Sen- 139.80
GBPJPY has halted its 3 days of a winning streak and lost more than 70 pips after showing a minor jump till 140.25. The overall trend is weak as long as resistance 141.50 holds. GBP is trading weak against USD for the day, any break below 1.2780 confirms minor weakness.
On the flip side, near term support is around 138.93 (38.2% fib) and any violation below will drag the pair down till 138/137.55.
The near term resistance is around 140.50 and any break above will take to minor level 140.75/141. Major bullish continuation only above 141.50.
It is good to sell on rallies around 139.75-80 with SL around 140.30 for the TP of 138.
