Ichimoku Analysis (4-hour chart)
Tenken-Sen- 139.237
Kijun-Sen- 139.26
GBPJPY is trading in a narrow range between 140.20 and 138.56 for the past one week. The slight jump in the Pound Sterling came after better expected UK retail sales data. According to the Office for National Statistics, retails sales volume rose by 3.6% compared to a forecast of 2.0%. The GBP recovered more than 150 pips from the bottom of 1.30646. The intraday trend of Pound/Yen is weak as long as resistance 140.20 holds.
The 4-hour chart shows that the pair is holding above 55EMA and 100 MA. Any break below 138.70 (100 MA) will drag the pair down till 138/137.40. The near term resistance is around 140.20, any break above targets 141.10/142.
It is good to sell on rallies around 139.65-70 with SL around 140.20 for the TP of 137.40.
