Ichimoku Analysis (4-hour chart)
Tenken-Sen- 136.03
Kijun-Sen- 135.47
GBPJPY showed a minor decline of more than 100 pips from a high of 136.62 on a slight decline in Pounds sterling. GBP lost more than 50 pips against USD despite strong UK retail sales. The retail sales came at 13.9% MoM in June compared to a forecast of 8.5%. The Core Retail Sales for the UK climbed 13.5 MoM. The intraday trend is still on the higher side as long as support 134.12.
The 4-hour chart shows that the pair is trading slightly above 100- 200 MA (134.94/134.49). The near-term resistance is around 136.62, violation beyond targets 137.60. Any close above 137.6 will open doors for 140 levels. The near term support is around 134.94 and the indicative break below that level will drag the pair to the next level 134.35/133.90/131.75.
It is good to buy on dips around 134.85-90 around with SL around 134 for the TP of 137.60/140.
