FxWirePro: NZD/JPY Interim Rallies Seem Deceptive, Major Downtrend Still Intact In Falling Wedge – Trading & Hedging Setup
FxWirePro: Buy GBPJPY on dips
Ichimoku Analysis (4-hour chart)
GBPJPY has shown a minor decline after hitting a high of 134.70. The decline was mainly due to minor selling Pound sterling against USD on Brexit uncertainty. The pair has broken high made on Jun 23rd, 2020, confirms bullish continuation. It is currently trading around 134.14.
From the 4-hour chart, it shows that the pair is holding well above 200- EMA and 100- EMA (133.67/133.75). The near term resistance is around 134.80 (38.2% fib), the violation above will take the pair till 135.15/136.35. Any daily close above 136.35 will open the doors for 140.
On the lower side, strong support is at 133.50, and the break below will drag the pair down till 133/131.75.
It is good to buy on dips around 133.75-80 with SL around 133 for the TP of 135.75/136.35.