Double Top- 132
Ichimoku Analysis (15 min chart)
Tenken-Sen- 131.781
Kijun-Sen- 131.79
GBPJPY has once again declined after hitting a high of 131.95. The pair has formed almost a double top around 132, intraday bullishness only above that level. The pound sterling recovered sharply against USD after BOE has opened the door for more stimulus to support the economy and UK PM is planning to ease lockdown due to coronavirus.
Technically, near term support is around 131.60 (Cloud top) and violation below will drag the pair down till 131/130.66. Bearish continuation only if it breaks 130.66. The immediate resistance is at 132 and indicative break above that level targets 132.50/133.18.
It is good to sell on rallies around 131.75-80 with SL around 132.55 for the TP of 130.66.
