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FxWirePro: GBPJPY Daily outlook
Ichimoku Analysis (8-hour chart)
GBPJPY is consolidating in a narrow range between 134.70 and 133.98 for the past two trading days. GBP is struggling to close above 1.2530 despite better than expected UK Construction PMI. It came at 55.3 in June compared to a forecast of 47 and 28.9 previous month. Markets eye post-Brexit EU and the UK in London for further direction.
The daily chart shows that the pair is trading slightly above 100- day MA (134.20). The near term resistance is around 134.70, any close above will take the pair to next level till 135.25/135.75/136.35.
On the lower side, strong support is at 133.79 (55- 8H EMA), and the violation below that level targets 133/131.75.
It is good to buy on dips around 134 with SL around 133 for the TP of 136.35