FxWirePro: GBPJPY downside capped by 200- day MA, good to buy on dips
Ichimoku Analysis (Daily chart)
GBPJPY has once again taken support near 200- day MA and shown a recovery of 70 pips. The slight weakness in Pound sterling due to huge job loss in the UK. According to data obtained by the BBC via Freedom of Information requests, there will be 139000 jobs cut in England, Scotland and Wales. The short term trend is still on the higher side as long as support 137.40 holds. GBPUSD retreats after a minor jump above 200-W EMA.
The daily chart shows that the pair is holding above 100 and 200- day MA. Any break below 137.40 (200- MA) will drag the pair down till 137/136.60. The near term resistance is around 139.25, any break above will take the pair to 139.75/141.07.
It is good to buy on dips 138 with SL around 137.25 for the TP of 140.