Ichimoku Analysis (4 hour chart)
Tenken-Sen- 133.26
Kijun-Sen- 133.31
GBPJPY trades slightly on the lower side after hitting top around 134.72. It hits a low of 132.48 and shown a minor recovery. It is currently trading around 133.
The yen is trading strong against all majors, especially VS USD. USDJPY lost more than 450 pips from a high of 111.68.
On the flip side, the pair is facing powerful support at 132.40 (55-4H EMA) and the break beneath will drag the pair down till 132/130.65.
The near term resistance is around 133.40 and indicative break beyond targets 134/134.75.
It is good to sell on rallies around 133.25-30 with SL around 134 for the TP of 130.65.
