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FxWirePro: GBPJPY Mid-day Outlook
Ichimoku Analysis (4-hour chart)
GBPJPY has recovered more than 100 pips on a slight weakness in Yen. The risk –on-sentiments due to optimism over Coronavirus treatment. Gilead Sciences said that remdesivir reduced the risk of death in COVID-19 patients. Markets use BOE Governor Bailey and Home Secretary Priti Patel for further direction.
The 4-hour chart shows that the pair is trading above 100 and 200 (134.48 and 133.68). The near term resistance is around 136.35, and the indicative break above that level targets 137/137.63/139.23 (161.8% fib).
On the higher side, strong support is at 134.06 (200-4H EMA) and any violation below targets 133.68/133/131.75
It is good to sell on rallies around 135.60-65 with SL around 136.35 for the TP of 133.