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Ichimoku Analysis (Weekly chart)
Tenken-Sen- 135.66
Kijun-Sen- 134.47
GBPJPY declined after a minor jump above 140 levels on the weak Pound sterling. The increase in the number of new corona cases in the UK is putting pressure on GBP. USDJPY is directionless and traders' eye 107 level further jump till 107.55. The Intraday trend is still on the higher side as long as support 138.65 holds.
The weekly chart shows that the pair is holding above 100- W MA at 139.27, any surge past 140.20 targets 140.80/141.92. The near term support is around 139.15, any break below will drag the pair down till 138.60/138.20/137.40.
It is good to buy on dips 139.15-20 with SL around 138.50 for the TP of 141.05.
