Ichimoku analysis (Hourly chart)
Tenken-Sen- 136.52
Kijun-Sen- 136.81
GBPJPY continues to trade weak after forming a top around 137.60. It hits a low of 136.30 and shown a minor recovery. GBPUSD has taken support near 200-H MA and surged past 1.3000 level. The Brexit pessimism and number of new COVID-19 cases in the UK are putting pressure on the Pound sterling at higher levels. 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 136.20 will drag the pair till 136/135.65/135.48. 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 136.35-40 with SL around 136 for the TP of 137.60/138.
