Ichimoku Analysis (Daily chart)
Tenken-Sen- 145.16
Kijun-Sen- 143.62
GBPJPY has halted its 3 -1/2 month high and declined more than 250 pips from a temporary top around 147.95. The decline was mainly due to a drastic fall in Pound sterling on Boris Johnson's new Brexit move. This has increased the risk of no-deal Brexit as government planning to ban on extending the transition period beyond Dec 2020. GBP has lost more than 400 pips in the past 3 days.
Technically GBPJPY's major near term support is around 142.09-50, any violation below will drag the pair down to 140.83/140. Major bearish continuation only below 138.
On the higher side, the minor level to be watched is 144.20 (23.6% fib) and break above targets 145/146.
It is good to sell on rallies around 143.75-80 with SL around 145 for the TP of 140/138.80.
