Ichimoku analysis (Hourly chart)
Tenken-Sen- 136.91
Kijun-Sen- 137.02
GBPJPY has shown a minor pullback after robust UK retail sales data. The retail sales expanded for the fifth consecutive month and it came at 1.5% month-on-month. Economists have predicted the September growth of just 0.4%. GBPUSD is holding above 1.300, any break above 1.3120 will take the pair to 1.31767. The intraday trend of GBPJPY is slightly bullish as long as support 136.20 holds.
Technical:
In the Hourly chart, GBPJPY is facing strong support at 200-MA. Any convincing break below 136.70 will drag the pair till 136.20/136. On the higher side, near term intraday resistance is around 137.60 and any indicative break above that level will take till 138/139.
It is good to buy on dips around 136.65-70 with SL around 136.20 for the TP of 137.60/138.
