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FxWirePro: Buy GBPJPY on Dips
Ichimoku Analysis (hourly chart)
Tenken-Sen - 129.24
GBPJPY is consolidating after hitting a high of 129.57 on Friday. The intraday trend is still bullish as long as support 128 holds. But GBP is trading slightly weak against USD and lost more than 60 pips from the high 1.21725. Any break below 1.2100 (200- H MA) confirms intraday weakness and dip till 1.20750 is possible.
On the lower side near term, support is around 128 and any violation below will drag the pair to the next level till 127.50/126.50. Bearish continuation only below 126.50.
The major resistance is at 130.05-25 and major intraday trend reversal can happen only above 130.25. Any break above targets 132.
It is good to buy on dips around 128.55-60 with SL around 128 for the TP of 130.25.