Ichimoku Analysis (1-hour chart)
Tenken-Sen- 138.57
Kijun-Sen- 139.09
GBPJPY recovered sharply after hitting a low of 138.25 yesterday. The slight decline in the Pound Sterling due to Brexit uncertainty and lack of clarity in the Furlough scheme. The GBP recovered slightly more than 50 pips from the bottom of 1.30592. The intraday trend of Pound/Yen is weak as long as resistance 140.20 holds.
The hourly chart shows that the pair is holding below 200 MA. Any break above 139.28 will drag the pair till 140.20/141/141.80. The near term resistance is around 138.20, any break below targets 137.40/136.60.
It is good to sell on rallies around 139.15-20 with SL around 140.20 for the TP of 137.40.
