Ichimoku Analysis (hourly chart)
Tenken-Sen- 133.32
Kijun-Sen- 133.74
GBPJPY formed a double top near 134.75 and started to decline from that level. The strength in yen due to the outbreak of coronavirus is increasing demand for Safe-haven assets. USDJPY forms a temporary top at 111.68 and shown a sell-off of more than 200 pips.
On the flip side, the pair has broken major support 132.75 and confirms intraday weakness. Any convincing break below targets 132/130.65.
The near term resistance is around 133.35 and indicative break above targets 133.60/134/134.75.
It is good to sell on rallies around 133.25-30 with SL around 134 for the TP of 130.65.
