Ichimoku Analysis (Hourly chart)
Tenken-Sen- 141.34
Kijun-Sen- 141.48
GBPJPY continues to trade lower after forming a top around 142.71. The decline was mainly due to weak Pound sterling. GBP has shown a sell-off of more than 250 pips on huge job loss and Brexit uncertainty. The chance of negative interest rate comments by BOE Bailey also putting pressure on Pound Sterling. The intraday trend of the Pound/Yen is bearish as long as resistance 142 holds.
On the hourly chart, the pair is trading below 100- MA at 141.42. Any violation below 141 will drag the pair down till 140.56/140/139.66/138.41. It is facing strong resistance at 143.15, any violation above that level targets 144.80/146.
It is good to sell below 141 with SL around 142 for the TP of 138.50.
