FxWirePro: GBPJPY trades in a narrow range, break below 138.25 targets 137.40

Ichimoku Analysis (4-hour chart)

Tenken-Sen- 138.65

Kijun-Sen- 139.10

GBPJPY is trading in a narrow range between 140.20 and 138.29 for the past ten days. The slight recovery in Pound Sterling due to COVID-19 hopes and US, China trade deal optimism. Markets eye EU and UK talks on Brexit deal for further direction. GBPUSD is holding above 1.3100 and minor bullishness only above 1.3150. The intraday trend of Pound/Yen is neutral, levels watched are 140.20/138.25.

The 4-hour chart shows that the pair is holding below 100 MA, any break above 139 will drag the pair till 140.20/141/141.80.

The near term support is around 138.25, any break below targets 137.40/136.60.

 It is good to sell only below 138.20 with SL around 140 for the TP of 136.60/135.

Or

Buy above 140.20 with SL around 139.50 for the TP of 141.80.