FxWirePro: GBPJPY trades higher, jump till 145 likely
Ichimoku Analysis (4-hour chart)
As per our analysis, GBPJPY is trading higher and jumped more than 200 pips till 143.187 at the time of writing. It hits fresh 5-1/2 month high on the strong Pound sterling. It is currently trading around 143.10.
GBPUSD trades higher and hits the highest level since 7 months high at 1.31478 on increasing bets for Conservative party win in forthcoming elections. The overall trend is bullish, jump till 1.3200 is possible.
On the flip side, near term support is around 142.25 (23.6% fib) and any violation below will drag the pair down till 142/141.20 (200-H MA). Any close below 140.85 confirms minor weakness, dip till 140 is possible.
The near-term resistance is around 143.25 and breaks above targets 144/145.
It is good to buy on dips around 142.85-90 with SL around 142.20 for the TP of 145.