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FxWirePro-Crude Oil Daily Outlook

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FxWirePro: GBPJPY breaks minor trend line resistance, trend reversal only above 130.55.

Friday, March 20, 2020 9:06 AM UTC

Ichimoku Analysis (Hourly chart)

Tenken-Sen- 128.28

Kijun-Sen- 127.29

GBPJPY continues to trade strong after forming a temporary bottom around 123.99. The pound sterling has shown a massive recovery of more than 450 pips from a low of 1.41000 against USD.

The pair jumped to 130.39 and declined slightly from that level. The significant resistance is at 130.55, any indicative break higher targets 132/134.21.

On the flip side, near term support stands at 128.80 and any break beneath targets 128.25/127.50. Major weakness only below 123.99.

It is good to buy on dips around 130.15-20 with SL around 129.50 for the TP of 132.

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FxWirePro: GBPJPY breaks minor trend line resistance, trend reversal only above 130.55.

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