Ichimoku Analysis (Hourly chart)
Tenken-Sen- 133.09
Kijun-Sen- 133.42
GBPJPY continues to trade lower and broken 133.35 low made on Sep 23rd and hits low of 132.85 level. The decline was due to major weakness in the pound sterling and lost more than 150 pips in the past two trading days. It is trading well below 200 H MA 1.24570.
USDJPY formed a bottom around 106.96 and shown a nice recovery. Short term trend is still weak as long as resistance 108.50 holds.
On the flip side, near term support is around 132.80 and any violation below will drag the pair to the next level till 132.25/131.60.
The near term resistance is around 133.50 and any break above will take the pair till 134/134.60.
It is good to sell on rallies around 133.30-35 with SL around 133.80 for the TP of 131.65.
