Ichimoku Analysis (4-Hours chart)
Tenken-Sen- 138.33
Kijun-Sen- 137.84
GBPJPY has halted its 3-weeks of the bullish trend and lost more than 150 pips on strong yen. The yen recovered sharply against USD on Safe-haven demand. USDJPY formed a temporary top near 200-W MA at 109.85 and declined more than 200 pips.
From the 4- hour chart, it shows that the pair is trading below 21- 4H MA at 137.77. Any break below 137.25 (23.6% fib) will drag the pair down till 136/135.75. On the higher side, strong resistance is at 138, and the violation above will take the pair to 138.60/139.75.
It is good to sell on rallies around 138 with SL around 139 for the TP of 136.
