Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 140.13
Kijun-Sen- 140.61
GBPJPY continues to trade lower for the last one week and lost more than 200 pips. GBP is on the downside and holding well below 1.3150 against the USD. The Brexit uncertainty and huge job loss in the UK are putting pressure on the Pound sterling. Markets eye eighth round of negotiations of UK with EU for further direction. The intraday trend of the Pound/Yen is bearish as long as resistance 140.70 holds.
On the 4-hour chart, the pair holding well below 100 MA. Any break below 139.60 will drag the pair down till 138.25/137.84. It is facing strong resistance at 140.10, any violation above that level targets 140.70/141.45/142.71.
It is good to sell on rallies around 139.55-60 with SL around 140.50 for the TP of 137.85
