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FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (Hourly Chart)
GBPJPY has shown a sell-off of more than 70 pips during the Asian session on strong yen. USDJPY continues to trade weak for 2nd consecutive week and lost more than 200 pips. The pair has broken significant support 104.18 (Jul 31st, 2020 low) and a dip till 103 is likely. The overall trend of GBPJPY is weak as long as resistance 136.20 holds.
On the hourly chart, the pair is holding well below 55-EMA. It has broken yesterday's low of 134.50 and this confirms further weakness, a dip till 133.98/131.75. It is facing strong resistance at 135.35, any violation above that level targets 136.20/137/138.
It is good to sell on rallies around 134.25-30 with SL around 135 for the TP of 131.75.