Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 129.41
Kijun-Sen- 129.54
GBPJPY has shown a massive recovery of more than 200 pips and closed well above 130 levels. The rise was mainly due to the weak yen on easing trade tension. GBP has halted its 3 days of the bullish trend and shown a minor decline of 70 pips from a temporary top of 1.23536. It hits high of 132.15 and is currently trading around 131.60.
The yen is trading weak against USD and any major jump can be seen only above 107.20 level. Any break above will reach 107.40/108.
Technically, the pair is facing strong resistance around 132.15 (55 4H EMA) and any violation above will take the pair to next level till 133. Any break above 133 targets 135.78.
On the flip side, major support is around 130.85 and any convincing break below will drag the pair to the next level till 130/129.40/129. Major bearish continuation only above 126.50.
It is good to sell on rallies around 131.95-132 with SL around 133 for the TP of 130.