Ichimoku Analysis (4-Hours chart)
Tenken-Sen- 132.80
Kijun-Sen- 133.49
GBPJPY has shown a minor recovery after taking support near 10- 4H MA at 132.74 yesterday. The intraday trend is still bullish as long as support 132.70 holds. GBP is trading in a narrow range against USD after a minor jump of more than 150 pips. Markets eye UK Flash manufacturing and services PMI data for further direction. Any break above 1.2510 (55-4H EMA) will confirm intraday bullishness.
The pair is facing strong resistance at 134.10 (200-4H MA). Any break above will drag the pair to the next level till 135.75/136.35.
On the lower side, strong resistance is at 132.75, and the violation below will take the pair to 131.75/130.60.
It is good to buy above 134.10 with SL around 133.50 for the TP of 135.75/136.35.
