Ichimoku Analysis (Daily Chart)
Tenken-Sen- 137.78
Kijun-Sen- 138.64
GBPJPY has shown a minor recovery of nearly 100 pips from a low of 134.57. The overall trend is weak as long as resistance 136.60 holds. The broad-based buying in Yen due to increased demand for Safe-haven assets is supporting prices. USDJPY continues to trade low for 3rd consecutive days, a dip till 104.18 is possible.
On the daily chart, the pair is holding well below 200-EMA. Any break below 134.50 will take it down to the next level till 133.98/131.75. It is facing strong resistance at 136.60, any violation above that level targets 137.35/138.
It is good to sell on rallies around 136.35-40 with SL around 137 for the TP of 133.98.
