Ichimoku Analysis (4 Hour chart)
Tenken-Sen- 129.32
Kijun-Sen- 128.68
GBPJPY is trading higher for the past three trading days and jumped more than 300 pips on the strong Pound sterling. GBP was one of the best performers this week and recovered more than 300 pips this week. Any break above 1.2310 confirms bullish continuation.
The yen is in a narrow range against USD and any major jump can be seen only above 106.70 level. Any break above targets 107.20/107.40.
Technically, the pair is holding above 130 level and also broken major intraday resistance 130.25 (200- 4H MA). The decline from 148.72 will get over around 126.54 only if pair breaks above 130.69. Any violation above targets 131.80/132.95.
On the flip side, major support is around 129.80 and any convincing break below will drag the pair to the next level till 129-129.20. Major bearish continuation only above 126.50.
It is good to buy above 130.70 with SL around 130 for the TP of 132.95.
