Ichimoku analysis (1-hour chart)
Tenken-Sen- 130.50
Kijun-Sen- 130.70
GBPJPY continues to trade lower after hitting a high of 131.41 yesterday. The intraday trend of pair is still bearish as long as resistance 132 holds. It has broken 130.14 low made yesterday and hits a low of 129.98.
USDJPY is trading weak after a minor jump till 107.43 and a convincing break below 106.75 confirms bearish continuation.
The near term resistance is around 131.50 and any violation above will take the pair to 132/132.60. Minor trend reversal only if it breaks 133.20. The decline from 144 will get completed at 124.02 only if it breaks the 136 level.
On the flip side, 129.80 will be acting as major support, and indicative violation below targets 128.
It is good to sell on rallies around 130.75-80- with SL around 131.50 for the TP of 128.25.
