Ichimoku Analysis (Weekly chart)
Tenken-Sen- 138.34
Kijun-Sen- 133.35
GBPJPY is trading weak for the entire week and lost more than 500 pips on the weak Pound sterling. GBP declined more than 250 pips in the past two days on Brexit uncertainty. The UK GDP came at 6.6% July slightly lower than expected. The intraday trend of the Pound/Yen is bearish as long as resistance 138 holds.
On the weekly chart, the pair is facing strong support near 21 MA at 135.40. Any break below will drag the pair down till 135/134.33/133.26 It is facing strong resistance at 137.30, any violation above that level targets 138/139.05/140.
It is good to sell on rallies around 136.30-35 with SL around 137.10 for the TP of 134.80/133.98.
