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FxWirePro: Buy GBPJPY above 136.60
Ichimoku Analysis (1-hour chart)
GBPJPY is consolidating in a narrow range between 136.62 and 134.99 for the past one week. The jump in pound sterling offset by strong yen. The safe-haven assets like gold and yen are shining due to the escalation of trade tension between the US and China. USDJPY is holding well below the 106 level. But the overall trend is weak as long as resistance 106 holds.
The 1-hour chart shows that pair is trading slightly below Tenken-Sen and any break below 136 confirms intraday weakness. A dip till 135.70/135 is possible. Significant selling only if it breaks 134. The near-term resistance is around 136.62, indicative surge past 137.60/138.
It is good to buy above 136.60 with SL around 136 for the TP of 137.60/138.25.