FxWirePro: GBPJPY trades above 200- day MA, jump till 140 likely
Ichimoku Analysis (Daily chart)
GBPJPY is consolidating after hitting a high of 139.20 yesterday. The pair is upside is capped due to weak Pound sterling. GBPUSD lost more than 100 pips on London lockdown due to coronavirus and US and UK deal. USDJPY jumped 120 pips from a low of 104.23. Any major trend reversal only if it closes above 106.
The daily chart shows that the pair is holding above trend line resistance 137.30. The near term resistance is around 139.20 and any break above will take the pair till 139.75/141.80.
On the lower side, near-term support is around 138, and any violation below targets 137.50/136.60/135.80.
It is good to buy on dips around 138 with SL around 137 for the TP of 140.