Trade Idea GBPJPY (Intraday)
Ichimoku analysis (Daily chart)
GBPJPY is one of the worst performers for the day and lost more than 100 pips from an intraday high of 136.28. The decline was mainly due to weakness in pound sterling against all majors. GBPUSD has broken significant support 1.3000 on fear of lockdown in London due to a rise in coronavirus cases. GBPUSD is facing strong support at 21-day MA at 1.29688 and any close below that level targets 1.2900. The short term trend of GBPJPY is bearish as long as resistance 136 holds.
In the daily chart, GBPJPY is trading well below 200-day MA at 136.18. Any convincing break below 135 will drag the pair till 133. On the higher side, near term intraday resistance is around 136 and any indicative break above that level will take till 136.60/137.05.
It is good to sell on rallies around 135.55-60 with SL around 136 for the TP of 133.20.