FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (Hourly chart)
GBPJPY has recovered nearly 150 pips from a low of 138.28 on the strong Pound sterling. GBPUSD is inching towards 1.3400 levels on hopes of a Brexit deal by next week and broad based US dollar selling. Markets eye UK final manufacturing PMI data for further direction. The intraday trend of GBPJPY is bullish as long as 138 holds. USDJPY continues to trade weak after forming a minor top at 104.76.
The pair is facing strong intraday resistance 139.85, break above targets 140.31. Significant trend reversal only above 140.31. A jump till 141/142/142.71is possible. On the lower side, near term support is around 138.90 and any indicative break below will drag the pair to 138.75/138.49/138.20/138.
It is good to buy on dips around 138.90 with SL around 138.20 for the TP of 140.31.