GBPJPY: Buy on dips

Ichimoku Analysis (Hourly chart)

Tenken-Sen- 134.18

Kijun-Sen- 134.23

GBPJPY is trading higher for the day and jumped more than 60 pips. It hits a high of 134.52 and is currently trading around 134.46. The jump was mainly due to slight strength in Pound sterling and it has recovered more than 100 pips from low of 1.23823. USDJPY is still in bearish mode and major jump only above the 109 level.

On the flip side, near term support is around 133.90 and any violation below will take the pair to next level till 133/132.60.

The near term resistance is around 134.60 and any indicative break above will take the pair to next level till 135.30/136.

It is good to buy on dips around 134.25-30 with SL around 133.85 for the TP of 135.30.