Chart pattern- Inverted Head and shoulder
Ichimoku Analysis (4-hour chart)
Tenken-Sen- 131.34
Kijun-Sen- 131.54
GBPJPY formed almost a double bottom around 130.65 and jumped more than 150 pips on the strong Pound sterling. GBPUSD recovered more than 60 pips on easing restrictions in the UK. It hits an intraday high of 132.13 and is currently trading around 132.11.
In the 4 hours chart it has broken major resistance 132, jump till 132/132.50. Any indicative break above targets 133.19 (May 11th high). The surge past 133.20 will take the pair till cloud top 134.47.
On the flip side, near-term support stands at 131.40 and any violation below will drag the pair down till 131/130.60.
It is good to buy on dips around 132 with SL around 131.40 for the TP of 133.18.
