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FxWirePro: GBPJPY trades below trend line support, dip till 131.75 likely

Ichimoku Analysis (4-hour chart)

 

Tenken-Sen- 134.84

 

Kijun-Sen- 134.95

 

GBPJPY is trading weak and lost more than 50 pips till 134.22  on weak UK GDP data.  It shows that economy is expanded at 1.8% m/m vs forecast of 5% and -20.3% previous. GBPUSD lost declined nearly 50 pips in the UK session and is currently trading around 1.25154. Any violation below 1.2500 targets 1.2475/1.2450.

The 4-hour chart shows that the pair is trading below 200 MA (134.55). The near term support is around 134.05 (200-4H EMA), and the indicative break below that level will drag the pair to the next level 133/131.75.

 

On the higher side, strong resistance is at 135.50 and any indicative break above will take the pair till 136.35/137/138.

 

It is good to sell on rallies around 134.50-55 with SL around 135.50 for the TP of 131.80.

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