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Ichimoku Analysis (Hourly chart)
Tenken-Sen- 132
Kijun-Sen- 131.64
GBPJPY trades higher and broken significant resistance 132 on weak yen. The demand for riskier assets has slightly increased in coronavirus vaccine optimism. It has jumped to 132.50 yesterday and is currently trading around 132.13. GBPUSD continues to trade higher and further bullishness seen above 1.2300.
The intraday significant resistance is seen at 132.60, any violation above will take the pair to the next level till 133.18. Primary trend continuation only if it breaks 133.20. The decline from 144 will get completed at 124.02 only if it breaks the 136 level.
On the flipside, near term support is at 131.40 (200-H MA), and any violation below targets 130.80/130.
It is good to buy on dips around 131.90-95 with SL around 131.35 for the TP of 133.18.
