FxWirePro: GBPJPY breaks trend line resistance, jump till 132 likely

Ichimoku Analysis (Hourly chart)

 Tenken-Sen- 130.29

Kijun-Sen- 130.61

GBPJPY trades higher and broken significant trend line resistance 131.13. It has jumped to 131.78 at the time of writing and is currently trading around 131.58. The surge was mainly due to strong Pound sterling which has recovered more than 150 pips in the past 3 days.

The intraday significant resistance is seen at 132, any violation above will take the pair to the next level till 132.60/133.18. Primary trend continuation only if it breaks 133.20. The decline from 144 will get completed at 124.02 only if it breaks the 136 level.

It is good to buy on dips around 131.25-30 with SL around 130.50 for the TP of 133.18.