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FxWirePro: GBPJPY Daily Outlook
Ichimoku Analysis (4-hour Chart)
GBPJPY jumped more than 150 pips from a low of 140.35 on the strong Pound sterling. The pound sterling surged above 1.3650 against USD on stimulus hopes and declining coronavirus cases in the UK. Any violation above 1.3710 confirms bullish continuation. The intraday trend of GBPJPY is bullish as long as support 140.35 holds.
The pair's significant resistance at 142.25, any indicative break above targets 142.70. Primary trend continuation only if it goes past 142.70.A jump till 144/145 likely. On the lower side, near term support is around 141.15 (55- 4H EMA), and any violation below targets 140.77/140.35.
It is good to buy on dips around 141.25-30 with SL around 140.77 for the TP of 142.25.