Ichimoku analysis (Hourly chart)
Tenken-Sen- 136.47
Kijun-Sen- 136.67
GBPJPY continues to trade weak after a minor jump to 137.06. The dip in Pound sterling due to Brexit uncertainty and rise in Coronavirus case. GBPUSD is facing strong support at 200-H MA at 1.3000 and any violation below that level targets 1.2940/1.2900. The short term trend of GBPJPY is slightly bearish as long as resistance 137.60 holds.
Technical:
In the Hourly chart, GBPJPY is facing strong support at 136.30 (trend line support). Any convincing break below 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 sell on rallies around 136.55-60 with SL around 137.10 for the TP of 135.50.
