Ichimoku Analysis (hourly chart)
Tenken-Sen - 131.53
Kijun-Sen - 131.56
GBPJPY is trading in a narrow range between 132.54 and 131.28 for the past three days. Short term trend is still weak as long as resistance 133.35 holds. The slight strength in yen is putting pressure on price on higher levels. USDJPY has formed a minor top around 108.45 and started to decline from that level.
GBP continues to trade lower after hitting high of 1.24130 and is currently trading around 1.23224
Technically, near term support is around 131 and any break below will drag the pair till 130.10/128.
The minor intraday trend reversal only above 132.30 and any violation above will take the GBPJPY till 133/133.35/134/134.60. Major trend reversal only above 135.75.
It is good to sell on rallies around 131.95-132 with SL around 132.70 for the TP of 130/128.
