Ichimoku Analysis (1-hour chart)
Tenken-Sen- 133.62
Kijun-Sen- 133.87
GBPJPY trading weak for the past 10 days and lost more than 250 pips from high of 135.78. The decline was mainly due to strength in yen on increasing demand for Safe-haven assets. USDJPY has formed a minor top around 107.94 and started to come down till 107.30. Any break below 107.30 confirms minor weakness.
Technically, immediate support is around 133.09 and any violation below targets 132.50/131.28. On the higher side, immediate resistance is at 133.50 and indicative break above will take the pair till 134/134.68.
It is good to sell on rallies around 133.35-40 with SL around 134 for the TP of 131.30.
