FxWirePro: Buy GBPJPY on dips

Ichimoku Analysis (Weekly chart)

Tenken-Sen- 136.78

Kijun-Sen- 132.80

GBPJPY declined more than 150 pips on the weak Pound sterling. The dip in the pound sterling is mainly due to broad-based US dollar buying. Markets eye BOE Bailey speech and decision on the Furlough scheme which is going to expire on Oct for further direction. The intraday trend of the Pound/Yen is bullish as long as 140 holds.

On the weekly chart, it shows that the pair is facing strong resistance at 143.15 (200-W EMA). Any violation above that level targets 144.80/146. On the flip side, near term support is around 141.30, and any break below targets 140.80/140.13/139.50.

 It is good to buy on dips around 141.60-65 with SL around 140.80 for the TP of 143/144.80.