Ichimoku analysis (8-hour chart)
Tenken-Sen- 143.23
Kijun-Sen- 143.33
GBPJPY trades lower for the past 5 days and lost more than 250 pips on strong Yen. The demand for Safe-haven assets increased in the outbreak of coronavirus. USDJPY lost more than 150 pips from a high of 110.29 and is currently trading around 109.09.
Technically, the pair is trading below 200-8H MA and confirms minor weakness, a dip till 141.30/140.80. Major trend reversal below 140.80.
On the higher side, near-term resistance is around 142.28 and any violation above will take the pair to next level till 142.75/143.09
It is good to sell on rallies around 141.95-42 with SL around 143 for the TP of 140.80.
