Ichimoku Analysis (Daily chart)
Tenken-Sen- 134.34
Kijun-Sen- 133.54
GBPJPY continues to trade higher for past 1-week and jumped more than 500 pips on the strong Pound sterling. The pound sterling showed a massive recovery of more than 150 pips against USD on broad-based dollar selling. USDJPY hits 2- month high on easing demand for safe-haven assets and any break above 109.38 confirms further bullishness.
The daily chart shows that the pair is trading well above 200-day MA (137.40). The near term resistance is around 138.50, any break above will take the pair to next level till 139.25/140.
On the lower side, strong support is at 137.20, and the violation below will take the pair to 136.10/135.75.
It is good to buy on dips around 138.20-25 with SL around 137.20 for the TP of 140.
