Ichimoku Analysis (Hourly chart)
Tenken-Sen- 140.29
Kijun-Sen- 139.94
GBPJPY is trading in a narrow range between narrow range 141.50 and 139.08 for the past three days. The pair jumped more than 150 pips. Short term trend is weak as long as resistance 141.50 holds.
The pair was one of the best performers this month and jumped more than 1000 pips on strong Pound sterling due to Brexit optimism. Technically on the flip side, near term support is around 139.25 and any break below targets 138/137.20.
The near term major resistance is 141.50 and any violation above confirms bullish continuation, a jump till 142.50/143 is likely.
It is good to sell on rallies around 140.45-50 with SL around 141.50 for the TP of 138.
