FxWirePro: Sell GBPJPY on rallies

Ichimoku Analysis (1 -hour chart)

Tenken-Sen- 141.08

Kijun-Sen- 140.65

GBPJPY has halted its four days of winning streak on strong yen. The slight jump in Pound sterling against US dollar after Fed Chairman speech in Jackson hole. The Fed is going to shift to a flexible form of average inflation targeting means lower rates for a longer period. The resignation of Japan Abe has increased uncertainty in economic policies and increased demand for Safe-haven. The intraday trend of Pound/Yen is bearish as long as resistance 141.60 holds.

The 1-hour chart shows that the pair is holding below 21 MA. Any break below 140.50 will take pair till 139.97/139.30/138.25. The near term resistance is around 141.80, any break above targets 143./144.80.

 It is good to sell below 140.50 with SL around 141.10 for the TP of 136.60/135.