Ichimoku analysis (Hourly chart)
Tenken-Sen- 136.50
Kijun-Sen- 136.11
GBPJPY is trading higher for 2nd consecutive days and jumped more than 150 pips. The intraday trend of this pair remains bullish as long as support 136.20 holds. The Pound sterling was trading higher against the USD in hopes of Brexit trade talks. The PM Johnson said on Friday that the UK should prepare for no-deal Brexit.
Technical:
In the Hourly chart, GBPJPY is struggling to close above 200- MA. Any convincing break above 136.80 will take the pair till 137.33/138. On the flip side, near term intraday support is around 136.50 and any indicative break below that level will take the pair till 136/135.66.
It is good to buy on dips around 136.65-70 with SL around 136.20 for the TP of 138/139.
