FxWirePro: GBPJPY Weekly Outlook
Ichimoku Analysis (Weekly chart)
As per our analysis, GBPJPY is trading higher for the past 3-weeks and jumped nearly 400 pips till 143.25. It hits fresh 5-1/2 month high on the strong Pound sterling. It is currently trading around 143.02.
GBPUSD trades higher and hits the fresh 7 months high at 1.3810 on hopes of Conservative party win in forthcoming elections. The overall trend is bullish, jump till 1.3200 is possible.
On the flip side, near term support is around 142.25 (23.6% fib) and any violation below will drag the pair down till 141.35 (5-W MA)/140.37. Any close below 139.22 confirms minor weakness, dip till 137 is possible.
The near-term resistance is around 143.25 and breaks above targets 144/145.
It is good to buy on dips around 142.85-90 with SL around 142.20 for the TP of 145.