FxWirePro: GBPJPY Daily Outlook

Pattern formed- Adam and Eve double top

Ichimoku Analysis (hourly Chart)

Tenken-Sen- 141.87

Kijun-Sen- 141.93                            

GBPJPY has once again declined after jumping above 142 levels. The intraday trend is bearish as long as resistance 142.25 holds. The pound sterling has shown a minor recovery on positive UK GDP data. It shrank by 2.6% vs forecast of -4.6%.

Technical:

 The pair's significant resistance at 142.25, any indicative break above targets 142.70. Significant trend continuation only if it goes past 142.70.A jump till 144/145 likely. On the lower side, near term support is around 141.50, and any violation below targets 140.97/140/139.50.

It is good to sell below 141.50 with SL around 142.25 for the TP of 139.55.